Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 19, 2015 | Jun. 30, 2014 |
Document And Entity Information | |||
Entity Registrant Name | URANIUM RESOURCES INC /DE/ | ||
Entity Central Index Key | 839470 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $45,800 | ||
Entity Common Stock, Shares Outstanding | 29,641,527 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $5,570 | $1,117 |
Prepaid and other current assets | 863 | 686 |
Total Current Assets | 6,433 | 1,803 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 98,454 | 96,407 |
Less accumulated depreciation, depletion and impairment | -65,724 | -65,566 |
Net property, plant and equipment | 32,730 | 30,841 |
Restricted cash | 3,941 | 4,011 |
Total Assets | 43,104 | 36,655 |
Current Liabilities: | ||
Accounts payable | 796 | 1,243 |
Accrued liabilities | 1,680 | 1,786 |
Current portion of asset retirement obligations | 196 | |
Total Current Liabilities | 2,672 | 3,029 |
Asset retirement obligations, net of current portion | 4,000 | 3,834 |
Derivative liability - convertible loan | 2,169 | |
Convertible loan, net of discount - related party | 4,345 | 1,025 |
Other long-term liabilities and deferred credits | 950 | 1,354 |
Total Liabilities | 11,967 | 11,411 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 200,000,000 shares authorized, $.001 par value; Issued shares - 25,288,113 and 19,824,071, respectively Outstanding shares - 25,192,669 and 19,820,258, respectively | 25 | 20 |
Paid-in capital | 233,524 | 216,703 |
Accumulated deficit | -202,154 | -191,470 |
Less: Treasury stock (95,444 and 3,813 shares, respectively), at cost | -258 | -9 |
Total Stockholders' Equity | 31,137 | 25,244 |
Total Liabilities and Stockholders' Equity | $43,104 | $36,655 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock, shares issued | 25,288,113 | 19,824,071 |
Common stock, shares outstanding | 25,192,669 | 19,820,258 |
Treasury stock, shares | 95,444 | 3,813 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Expenses: | ||
Mineral property expenses | ($3,502) | ($5,215) |
General and administrative | -9,132 | -9,707 |
Accretion of asset retirement obligations | -425 | -390 |
Depreciation and amortization | -331 | -448 |
Impairment of uranium properties | -160 | -4,095 |
Total operating expenses | -13,550 | -19,855 |
Non-Operating Income/(Expenses): | ||
Gain/(loss) on derivatives | 2,919 | -108 |
Interest expense | -2,368 | -408 |
Gain on non-monetary exchange of assets | 2,313 | |
Other income, net | 2 | 77 |
Total other income/(expense) | 2,866 | -439 |
Net Loss | ($10,684) | ($20,294) |
BASIC AND DILUTED LOSS PER SHARE | ($0.44) | ($1.06) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 24,282,519 | 19,191,056 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2012 | $16 | $207,339 | ($171,176) | ($9) | $36,170 |
Balance shares at Dec. 31, 2012 | 16,150,163 | ||||
Net loss | -20,294 | -20,294 | |||
Common stock issuance for loan principal and interest | 2 | 5,094 | 5,096 | ||
Common stock issuance for loan principal and interest, shares | 1,992,127 | ||||
Restricted common stock issued for services | |||||
Restricted common stock issued for services, shares | 46,925 | ||||
Stock compensation expense | 381 | 381 | |||
Common stock issuance | 2 | 3,598 | 3,600 | ||
Common stock issuance, shares | 1,547,843 | ||||
Common stock issued for services | 291 | 291 | |||
Common stock issued for services, shares | 83,200 | ||||
Common stock issued for loan interest and fees | |||||
Common stock issued for land obligations | |||||
Common stock issued for settlement of litigation | |||||
Balance at Dec. 31, 2013 | 20 | 216,703 | -191,470 | -9 | 25,244 |
Balance shares at Dec. 31, 2013 | 19,820,258 | ||||
Net loss | -10,684 | -10,684 | |||
Common stock issued, net of issuance costs | 5 | 11,887 | 11,892 | ||
Common stock issued, net of issuance costs, shares | 4,729,458 | ||||
Common stock issued for loan interest and fees | 840 | 840 | |||
Common stock issued for loan interest and fees, shares | 325,853 | ||||
Common stock issued for land obligations | 342 | 342 | |||
Common stock issued for land obligations, shares | 127,359 | ||||
Common stock issued for settlement of litigation | 334 | 334 | |||
Common stock issued for settlement of litigation, shares | 119,231 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 1,031 | 1,031 | |||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 162,141 | ||||
Conversion feature | 2,497 | 2,497 | |||
Minimum withholding taxes on net share settlements of equity awards | -110 | -110 | |||
Purchase of treasury stock | -249 | -249 | |||
Purchase of treasury stock, shares | -91,631 | ||||
Balance at Dec. 31, 2014 | $25 | $233,524 | ($202,154) | ($258) | $31,137 |
Balance shares at Dec. 31, 2014 | 25,192,669 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows and Supplemental Cash Flow Information (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | ||
Net loss | ($10,684) | ($20,294) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 425 | 390 |
Amortization of debt discount | 1,567 | 87 |
Amortization of debt issuance costs | 100 | |
Change in fair value of derivative liability | -2,919 | 108 |
Decrease in restoration and reclamation accrual | -96 | -1,638 |
Depreciation and amortization | 331 | 448 |
Gain on non-monetary exchange of assets | -2,313 | |
Impairment of uranium properties | 160 | 4,095 |
Stock compensation expense | 1,031 | 381 |
Common stock issued for land obligation | 342 | |
Loss on disposal of fixed assets | 18 | |
Other non-cash items, net | 23 | 113 |
Effect of changes in operating working capital items: | ||
Decrease in receivables | 37 | 229 |
Increase in prepaid and other current assets | -231 | -207 |
Increase in payables, accrued liabilities and deferred credits | 203 | 948 |
Net cash used in operating activities | -12,006 | -15,340 |
Cash flows from investing activities: | ||
Reduction in restricted cash | 5,481 | |
Additions to uranium properties | -174 | |
Purchases of equipment | -55 | |
Proceeds from disposal of property, plant and equipment | 4 | |
Net cash provided by/(used in) investing activities | -51 | 5,307 |
Cash flows from financing activities: | ||
Proceeds from convertible loan | 5,000 | 3,000 |
Payments on borrowings | -11 | -116 |
Issuance of common stock, net | 11,880 | 3,600 |
Purchase of treasury stock | -249 | |
Payment of minimum withholding taxes on net share settlements of equity awards | -110 | |
Net cash provided by financing activities | 16,510 | 6,484 |
Net increase/(decrease) in cash and cash equivalents | 4,453 | -3,549 |
Cash and cash equivalents, beginning of period | 1,117 | 4,666 |
Cash and cash equivalents, end of period | 5,570 | 1,117 |
Cash paid during the period for: | ||
Interest | 11 | |
Supplemental non-cash information with respect to investing and financing activities: | ||
Common stock issued for payment of convertible loan fees and interest | 840 | |
Common stock issued for repayment of short-term loan principal and interest | 5,096 | |
Common stock issued for the settlement of litigation | 334 | |
Common stock issued for services | 291 | |
Total non-cash investing and financing activities for the period | $1,174 | $5,387 |
Description_of_the_Company
Description of the Company | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company | 1. DESCRIPTION OF THE COMPANY |
The Company is a uranium exploration, development and production company. We were organized in 1977 to acquire and develop uranium mines in South Texas using the ISR process. We have historically produced uranium by ISR methods in the state of Texas where the Company currently has ISR projects, including two licensed processing facilities. We also have mineral holdings in New Mexico and an NRC license to produce up to three million pounds per annum of uranium on certain of our New Mexico projects. We acquired these properties over the past 20 years along with an extensive information database of historic drill-hole logs and analysis. None of our properties are currently in production. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION |
Principles of Consolidation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.”) and include the accounts of URI and its wholly-owned subsidiaries (collectively the “Company”). All significant intercompany transactions have been eliminated in consolidation. | |
Reclassifications | |
Certain reclassifications have been made to the prior years’ financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“US GAAP”) requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates included in the preparation of the financial statements are related to asset retirement obligations; stock-based compensation; derivative liabilities and asset impairment, including estimates used to derive future cash flows or market value associated with those assets. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash deposits in excess of federally insured limits. The Company monitors the soundness of the financial institution and believes the Company’s risk is negligible. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Facilities and Equipment | |||||||||||||||||
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are amortized using the units of production method. During the periods that our facilities are not in production, depreciation of our facilities and equipment is suspended as the assets are not in service. | |||||||||||||||||
Uranium Properties | |||||||||||||||||
Mineral rights acquisition costs are capitalized when incurred, and exploration costs are expensed as incurred. When we determine that a mineral right can be economically developed in accordance with U.S. GAAP, the costs then incurred to develop such property will be capitalized. During the periods that our facilities are not in production, depletion of our mineral interests, permits, licenses and development properties is suspended as the assets are not in service. If mineral properties are subsequently abandoned or impaired, any undepleted costs will be charged to loss in that period. | |||||||||||||||||
Other Property, Plant and Equipment | |||||||||||||||||
Other property, plant and equipment consists of corporate office equipment, furniture and fixtures and transportation equipment. Depreciation on other property is computed based upon the estimated useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Gain or loss on disposal of such assets is recorded as other income or expense as such assets are disposed. | |||||||||||||||||
Asset Impairment | |||||||||||||||||
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on quantities of recoverable minerals, expected uranium prices, production levels and operating costs of production and capital, based upon the projected remaining future uranium production from each project. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of uranium that will be obtained after taking into account losses during processing and treatment. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, uranium prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
At December 31, 2014 and 2013, the Company had pledged certificates of deposit and money market accounts of $3,941 and $4,011, respectively, in order to collateralize performance bonds required for future restoration and reclamation obligations related to the Company’s South Texas production and development properties. These funds are not readily available to the Company and are not included in cash equivalents. | |||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||
Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its ISR projects to the pre-existing or background average quality after the completion of mining. Asset retirement obligations, consisting primarily of estimated restoration and reclamation costs at the Company’s South Texas ISR projects, are recognized in the period incurred and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. If the Company does not have a recorded value for the related asset, then the asset retirement cost is expensed as incurred. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of restoration and reclamation costs. As the Company completes its restoration and reclamation work at its properties, the liability is reduced by the carrying value of the related asset retirement liability which is based upon the percentage of completion of each restoration and reclamation activity. Any gain or loss upon settlement is charged to income or expense and is included as part of the Company’s mineral property expense for the period. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Our financial instruments consist of cash equivalents, restricted cash 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 December 31, 2014 and December 31, 2013, and indicates the fair value hierarchy: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
Total financial assets | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Total financial assets | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 | |||||||||
Total financial liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 | |||||||||
Derivative Instruments | |||||||||||||||||
The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges to or credits against income. The Company uses the Black-Scholes option pricing model to estimate the fair value of the derivative instruments. | |||||||||||||||||
The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |||||||||||||||||
Loss Per Share | |||||||||||||||||
Immediately following the close of trading on January 22, 2013, the Company completed a 1 for 10 reverse stock split for its common stock. With the reverse stock split, every ten shares of the Company’s issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split had no effect on the par value of the shares or the authorized number of shares of the Company. The reverse split reduced the number of URI’s outstanding common stock from approximately 161,100,000 shares to approximately 16,100,000 shares. All share and per share data herein has been retroactively adjusted for the reverse stock split. | |||||||||||||||||
Basic loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2014 and 2013, we had 3,782,481 and 1,743,325 in potentially dilutive securities, respectively. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements or related disclosures. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2014 | |
LIQUIDITY | |
Liquidity | 4. LIQUIDITY |
At December 31, 2014, our working capital was $3,761, as compared with a working capital deficit of $1,226 as of December 31, 2013, which represents an increase of $4,987. This increase in working capital is primarily due to an increase of $4,453 in the cash balance to $5,570 as of December 31, 2014. Following the closing of the registered direct offering on March 6, 2015, the Company expects that its existing cash balances will provide it the necessary liquidity through the first quarter of 2016. The Company will continue to look for ways to reduce its monthly cash burn rate while exploring opportunities to raise additional funds, as needed. | |
The Company ceased uranium production activities in 2009 due to sustained low uranium prices and does not anticipate receiving significant sales revenue and related cash inflows during 2015. Since ceasing production, the Company has primarily financed its operations through equity and debt financings. The Company has been successful at raising capital in the past, most recently with the completion of a registered direct offering in March 2015 for estimated net proceeds of $5,400. In addition, the Company was able to successfully raise capital in 2014 through debt and equity fundraising efforts. Specifically, the completion of a registered direct offering in February 2014 for net proceeds of $9,307 as well as procuring a convertible secured debt facility in November 2013 that provided the Company with $8,000 in cash, which debt matures in December 2016. The Company also has an existing ATM Sales Agreement that allows the Company to sell from time-to-time, shares of its common stock in at-the-market offerings having an aggregate offering price up to $15,000 of which the Company has a total of $6.,000 for future sales available as of March 19, 2015. While the Company has been successful in the past raising funds through equity and debt financings, no assurance can be given that additional financing will be available to us in amounts sufficient to meet our needs, including upon the maturity of our outstanding debt, or on terms acceptable to us. In the event funds are not available, we may be required to change our planned business strategies or we could default under our secured debt facility. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 5. PROPERTY, PLANT AND EQUIPMENT | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Net book value | Net book value | ||||||||
Uranium plant | $ | 8,921 | $ | 9,190 | |||||
Mineral rights and properties | 22,063 | 19,750 | |||||||
Vehicles | 264 | 568 | |||||||
Other property, plant and equipment | 1,482 | 1,333 | |||||||
Total | $ | 32,730 | $ | 30,841 | |||||
Asset Exchange Agreement with Rio Grande Resources Corporation | |||||||||
On September 5, 2014, the Company, its wholly owned subsidiary Uranco, Inc. and Rio Grande Resources Corporation (“RGR”) entered into an Asset Exchange Agreement whereby the Company agreed to acquire from RGR certain uranium properties located in South Texas near the Company’s processing facilities, including, among others, the Alta Mesa Este, Butler Ranch and Sejita Dome exploration projects. In exchange for these South Texas properties, the Company agreed to transfer to RGR two parcels of fee-owned mineral rights and a royalty interest in the Roca Honda area of west-central New Mexico. The Company retained certain leases, mining claims and fee-owned mineral interest on separate parcels in the Roca Honda area. On November 6, 2014, after completing customary due diligence and satisfying certain closing conditions, the Company and RGR closed the transaction and effectuated the exchange of properties. | |||||||||
The Asset Exchange Agreement was determined to be a non-monetary exchange of assets having commercial substance in accordance with ASC Topic 845 which requires the assets received in an asset exchange be recorded at the fair value of the assets relinquished. The Company determined the fair value of the Roca Honda assets relinquished to be $2,313. This fair value was determined based upon the per pound value of similar transactions involving unproved uranium assets within the last 3 years. The carrying value of the Roca Honda assets relinquished in the transaction had previously been written off to nil in prior years and, as a result, the entire $2,313 was recognized as a gain on non-monetary exchange of assets and included in the Company’s Consolidated Statements of Operations. | |||||||||
Impairment of Property, Plant and Equipment | |||||||||
The Company recorded the following impairment charges for 2014 and 2013 related to its uranium projects and processing facilities: | |||||||||
For the years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Kingsville Dome Project | $ | 160 | $ | 474 | |||||
Rosita Project | - | 2,821 | |||||||
Vas quez Project | - | 276 | |||||||
Ambrosia Lake Project | - | 512 | |||||||
Other | - | 12 | |||||||
Total Impairment | $ | 160 | $ | 4,095 | |||||
The Company recorded an impairment charge of $160 on its Kingsville Dome uranium plant equipment for 2014. This impairment charge relates to the physical deterioration of the plant equipment due to the plant sitting idle and its proximity to the Texas coastline. The net carrying value of the Kingsville Dome plant equipment after impairment is $461 which is calculated as $2,461 book value less a $2,000 liability related to dismantling and decontaminating. The Company also used a third-party estimate of resale value to determine that no further impairment was needed as the Company’s third-party estimate of resale value exceeded the $461 net carrying value of the Kingsville Dome plant equipment. | |||||||||
The Company recorded an impairment charge of $4,095 for 2013. Of this amount, $3,331 was due to the declining uranium price market in 2013 which resulted in the write-down of its Rosita Project and its Ambrosia Lake Project to nil. The Company also recorded an impairment charge of $684 related to capitalized asset retirement obligation costs as its Kingsville Dome and Vasquez Projects. As the carrying values related to these projects had previously been written down to nil, these amounts were considered an impairment charge during the year. The remaining impairment charge of $80 was related to the physical deterioration of its Kingsville Dome plant equipment. | |||||||||
Mineral Property Expenses | |||||||||
During the years ending December 31, 2014 and 2013, the Company’s mineral property expenses were $3,502 and $5,215, respectively. Included within mineral property costs are standby costs for our three idled South Texas ISR projects along with holding and evaluation costs for all properties. The Company spent the following amounts for each of its material properties: | |||||||||
For the years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Kingsville Dome Project | $ | 862 | $ | 2,378 | |||||
Rosita Project | 817 | 508 | |||||||
Vasquez Project | 518 | 120 | |||||||
Alta Mesa Este Exploration Project | 11 | - | |||||||
Butler Ranch Exploration Project | 32 | - | |||||||
Sejita Dome Exploration Project | - | - | |||||||
Crownpoint Project | 5 | 268 | |||||||
Churchrock Project | 109 | 250 | |||||||
Cebolleta Property | 571 | 585 | |||||||
Juan Tafoya Property | 413 | 474 | |||||||
Roca Honda Project | 80 | 75 | |||||||
Nose Rock Project | - | - | |||||||
West Largo Project | 12 | 22 | |||||||
Other | 72 | 535 | |||||||
Total expense for the period | $ | 3,502 | $ | 5,215 | |||||
Uranium Properties | |||||||||
Kingsville Dome Project | |||||||||
The Kingsville Dome project consists of mineral leases from private landowners on about 2,434 gross and 2,227 net acres located in central Kleberg County, Texas. The leases provide for royalties based upon a percentage of uranium sales of 6.25% to 9.375%. The leases have expiration dates ranging from 2000 to 2007 however, we hold most of these leases by production and with a few minor exceptions all the leases contain clauses that permit us to extend the leases not held by production by payment of an annual per acre royalty ranging from $10 to $30. We have paid such royalties on all material acreage. | |||||||||
Rosita Project and Rosita South Property | |||||||||
The Rosita project consists of mineral leases from private landowners on about 3,377 gross and net acres located in north-central Duval County, Texas. The Rosita South property consists of mineral leases from private land owners on about 1,795 gross acres and 1,479 net acres located in Duval County near the Company’s Rosita project. The leases provide for sliding scale royalties based on a percentage of uranium sales. Royalty percentages on average increase from 6.25% up to 18.25% when uranium prices reach $80.00 per pound. The leases have expiration dates extending out to 2015. We are holding these leases by payment of rentals ranging from $10 to $30 per acre. | |||||||||
Vasquez Project | |||||||||
The Vasquez project is comprised of a mineral lease on 872 gross and net acres located in southwestern Duval County, in South Texas. The primary term expired in February 2008; however we hold the lease by production and reclamation activities. The lease provides for royalties based upon 6.25% of uranium sales below $25.00 per pound and royalty rate increases on a sliding scale up to 10.25% for uranium sales occurring at or above $40.00 per pound. | |||||||||
Alta Mesa Este Exploration Project | |||||||||
As discussed above, the Alta Mesa Este exploration project was acquired as part of the Company’s Asset Exchange Agreement. Our property holdings in the project area include six leases covering approximately 2,916 gross, or 2,841 net acres of mineral rights. The leases are held through the payment of annual rental fees, which range from $20 to $50 per acre. Any production derived from the properties would be subject to the payment of production royalties of 10% of the gross sales. All of our leases are within a single contiguous block of land. | |||||||||
Butler Ranch Exploration Project | |||||||||
As discussed above, the Butler Ranch exploration project was acquired as part of the Company’s Asset Exchange Agreement. The property is comprised of nine fee leases that cover an area of about 2,653 gross or 2,592 net acres of mineral rights. We can hold the leases by payment of annual rental fees, ranging from $10 to $25 per acre. Each of the leases makes provision for the payment of royalties of 10% of sales to the property owners. Leases have initial terms of 8 to 10 years and have provisions to “hold by drilling” and identifying uranium mineralization on the specific properties. | |||||||||
Sejita Dome Exploration Project | |||||||||
As discussed above, the Sejita Dome exploration project was acquired as part of the Company’s Asset Exchange Agreement. The project area is comprised of fifteen partly contiguous fee (private) mineral leases covering an area of 3,263 gross or 2,176 net acres. The leases are held through the payment of annual rental fees ranging from $10 to $75 per acre. Uranium production from the leased lands is subject to the payment of fixed-rate or sliding scale royalties that range from 4.5% to 20% of sales price. | |||||||||
Churchrock Project | |||||||||
The Churchrock project encompasses about 3,458 gross and net acres. The properties that comprise the Churchrock project are located in McKinley County, New Mexico and consist of three parcels, known as Section 8, Section 17 and Mancos. None of these parcels lies within the area generally recognized as constituting the Navajo Reservation. We own the mineral estate in fee for both Section 17 and the Mancos properties. We own patented and unpatented lode mining claims on Section 8. | |||||||||
The surface estate on Section 17, Mancos Section 13 and Mancos Section 7 is owned by the U.S. Government and held in trust for the Navajo Nation (the “Nation”). On those sections we have royalty obligations ranging from 5% to 61/4% and a 2% overriding royalty obligation to the Nation for surface use agreements. The total royalties on Section 8 depend on the sales’ price of uranium. Aggregate royalties are potentially as much as 33% at the current price of uranium. | |||||||||
Crownpoint Project | |||||||||
The Crownpoint project is located in the San Juan Basin, 22 miles northeast of the Company’s Churchrock deposits and 35 miles northeast of Gallup, New Mexico, adjacent to the town of Crownpoint. The Crownpoint project consists of 640 gross and 556 net acres. The Company holds the mineral rights in the northwest 1/4 of Section 9, Township 17 North Range 13 West with 9 unpatented lode mining claims, and the mineral rights in the southwest 1/4 of Section 24, Township 17 North Range 13 West with 10 unpatented lode mining claims. In the southeast 1/4 of Section 24, Township 17 North, Range 13 West, the Company owns in fee a 40% interest in the minerals on approximately 140 acres and hold 100% of the minerals on 20 additional acres with two unpatented lode mining claims. In the northeast 1/4 of Section 25, Township 17 North, Range 13 West, the Company holds the minerals with eight unpatented lode mining claims. The unpatented lode mining claims are held through the payment of an annual maintenance fee of $155.00 per claim to the BLM. While the rights to the minerals on the unpatented lode mining claims are subject to annual renewal through the payment of the annual maintenance fees, the rights to the minerals on the fee-owned lands are not subject to any renewal process as long as the Company maintains its ownership of the subject property. | |||||||||
Cebolleta Project | |||||||||
In connection with the merger of Neutron we acquired the Cebolleta Lease with La Merced del Pueblo de Cebolleta (the “Cebolleta Land Grant”), a privately held land grant, to lease the Cebolleta Project, which is composed of approximately 6,717 acres of fee (deeded) surface and mineral rights. The Cebolleta Lease provides for: (i) a term of ten years and so long thereafter as Cibola is conducting operations on the Cebolleta Project; (ii) initial payments to the Cebolleta Land Grant of $5,000; (iii) a recoverable reserve payment equal to $1.00 multiplied by the number of pounds of recoverable uranium reserves upon completion of a feasibility study to be completed within six years, less (a) the $5,000 referred to in (ii) above, and (b) not more than $1,500 in annual advance royalties previously paid pursuant to (iv); (iv) annual advanced royalty payments of $500; (v) gross proceeds royalties from 4.50% to 8.00% based on the then current price of uranium; (vi) employment opportunities and job-skills training for the members of the Cebolleta Land Grant and (vii) funding of annual higher education scholarships for the members of the Cebolleta Land Grant. The Cebolleta Lease provides Cibola with the right to explore for, mine, and process uranium deposits present on the Cebolleta Project. In February 2012, Cibola entered into an Amendment of its Mining Lease Agreement (the “Cebolleta Lease Amendment”) amending the Cebolleta Lease, subject to approval of the Thirteenth Judicial District. Pursuant to the Cebolleta Lease Amendment, the date for the completion of the feasibility study was extended from April 2013 to April 2015. In addition, the date may be further extended subject to a reduction in the $6,500 initial payment and annual advance royalty payments deduction to the recoverable reserve payment. | |||||||||
Juan Tafoya Project | |||||||||
In connection with the merger with Neutron we acquired the fee interest in 4,097 acres in northwestern New Mexico of fee (deeded) surface and mineral rights owned by the Juan Tafoya Land Corporation (“JTLC”). The Juan Tafoya Project is located approximately 45 miles west-northwest of the city of Albuquerque, and 25 miles northeast of the town of Laguna. The lease has a term of ten years, and it can be extended on a year-to-year basis thereafter, so long as we are conducting operations on the property. Additionally, the lease required: (i) an initial payment of $1,250; (ii) annual rental payments of $225 for the first five years of the lease and $337.5 for the second five years; (iii) after the second five years, annual base rent of $75 per acre; (iv) a gross proceeds royalty of 4.65% to 6.5% based on the then current price of uranium; (v) employment opportunities and job-skills training programs for shareholders of the JTLC or its heirs, (vi) periodic contributions to a community projects fund if mineral production commences from the Juan Tafoya property and (vii) funding of a scholarship program for the shareholders of the JTLC or its heirs. The Company is obligated to make the first ten years’ annual rental payments notwithstanding the right to terminate the JT Lease at any time, unless (a) the market value of uranium drops below $25 per pound, (b) a government authority bans uranium mining on the Juan Tafoya property, or (c) the deposit is deemed uneconomical by an independent engineering firm. | |||||||||
Roca Honda Project | |||||||||
The Roca Honda Project lies about four miles northwest of the village of San Mateo in McKinley County, New Mexico. The Company owns 36 unpatented lode mining claims situated in Section 8, Township 13 North, Range 8 West, McKinley County, New Mexico, leases 31 unpatented claims in Section 11, and owns fee mineral rights covering Section 17, all of which are in Township 13 North, Range 8 West. Collectively, the Company’s mineral rights holdings in the Roca Honda project area are approximately 3,688 acres. | |||||||||
Nose Rock Project | |||||||||
The Nose Rock Project is located in west-central New Mexico, about 45 miles northeast of Gallup, New Mexico. The Nose Rock Project consists of mineral rights covering approximately 6,400 acres. The Company’s mineral rights are directly owned and are situated in sections 10, 11, 15, 17, 18, 19, 20, 29, 30, and 31, Township 19 North, Range 11 West, McKinley County, New Mexico. The surface estate over the Company’s deeded mineral rights is owned in fee by the Navajo Nation. There are no royalties or interests held by others relating to the Company’s mineral rights. | |||||||||
West Largo Project | |||||||||
The West Largo Project lands are comprised of 75 unpatented lode mining claims that were staked in Sections 20 and 28, and four sections of fee mineral rights in Sections 17, 19, 21 and 29, all situated in Township 15 North, Range 10 West. Collectively, the properties cover an area of approximately 3,840 acres. The Company has a 100% interest in these properties. The surface estates for Sections 17 and 21 are Navajo allotments. The surface over the unpatented lode mining claims in Sections 20 and 28 is public domain managed by the BLM. The surface for Section 19 is held in trust for the Navajo Nation, and the surface of Section 29 is owned by the Elkins Ranch. We do not hold any surface access rights or agreements for Sections 17, 19 or 21. There are no work or royalty obligations for the unpatented lode mining claims, which we own. The unpatented claims are subject to annual maintenance payments of $155 per claim to the BLM in order to maintain the mineral rights in good standing. A production royalty of 2.5 percent of “ore value” is payable to the Elkins Ranch for any production from Section 29. |
Convertible_Loan_Related_Party
Convertible Loan, Related Party | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Convertible Loan, Related Party | 6. CONVERTIBLE LOAN, RELATED PARTY | ||||||||||||||||
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 $15,000 to the Company. The facility initially consisted of three tranches of $5,000 each. RCF advanced $3,000 of the first $5,000 tranche shortly following the closing of the Loan Agreement in November 2013 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 $2,000 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 $15,000 to $8,000, and on April 30, 2014, the Company requested, and RCF advanced, the final $3,000 available under the Loan Agreement. The total amount drawn under the Loan Agreement after receipt of this advance is $8,000. No additional amounts may be drawn under the Loan Agreement. | |||||||||||||||||
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 paid 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 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 | 117,188 | $ | 2.56 | 4-Feb-14 | |||||||||||
Q4 2013 Interest payment and commitment fee | 63 | 21,218 | $ | 2.9731 | 4-Feb-14 | ||||||||||||
Q1 2014 Interest payment and commitment fee | 138 | 45,737 | $ | 3.0209 | 10-Apr-14 | ||||||||||||
Q2 2014 Interest payment and commitment fee | 175 | 69,233 | $ | 2.6561 | 25-Jul-14 | ||||||||||||
Q3 2014 Interest payment | 164 | 72,477 | $ | 2.7595 | 2-Oct-14 | ||||||||||||
Q4 2014 Interest payment | 198 | 102,912 | $ | 1.9434 | 2-Jan-15 | ||||||||||||
Total | $ | 1,038 | 428,765 | ||||||||||||||
As of December 31, 2014, interest expense of $198 relating to the three months ended December 31, 2014 was included in accrued liabilities on the Company’s Consolidated Balance Sheets. | |||||||||||||||||
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 $5,000 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 was initially set at $2.60 per share and was subject to customary anti-dilution adjustments and further downward adjustment, subject to a floor of $1.00 per share, in the case of certain equity issuances by the Company before November 13, 2014. | |||||||||||||||||
As discussed in Note 7 below, the conversion feature prior to the expiration of the anti-dilution clause was considered to be an embedded derivative. 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 is amortized over the life of the Loan Agreement. | |||||||||||||||||
The following table represents the key components of our convertible loan: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Debt principal | 8,000 | 3,000 | |||||||||||||||
Unamortized discount | (3,655 | ) | (1,975 | ) | |||||||||||||
Carrying value of convertible loan, end of period | 4,345 | $ | 1,025 | ||||||||||||||
For the periods ended December 31, 2014 and 2013, the Company recorded amortization of debt discount of $1,567 and $87, which has been included in interest expense in the Company’s Consolidated Statement of Operations. | |||||||||||||||||
As of March 19, 2015, RCF owned approximately 6.9 million shares or 23.5% of the Company’s outstanding common stock. If RCF were to convert the entire $8,000 outstanding under the Loan Agreement, RCF would receive 3,076,923 shares of the Company’s common stock, and RCF’s ownership percentage in the Company would increase to approximately 30.6%. |
Derivative_Liability
Derivative Liability | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivative Liability | 7. DERIVATIVE LIABILITY | ||||||||
The conversion feature of the Loan Agreement was initially determined to be an embedded derivative under ASC 815 as the exercise price was subject to downward adjustment as discussed in Note 6 above and, therefore, did not meet the “fixed-for-fixed” criteria. As a result, the conversion feature of the convertible Loan Agreement was initially bifurcated and classified as a derivative liability which was 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 is amortized over the life of the Loan Agreement. | |||||||||
As discussed in Note 6 above, the downward adjustment of the exercise price expired on November 13, 2014 and the exercise price remains fixed at $2.60 for the remainder of the term of the Loan Agreement. As a result, the conversion feature no longer qualifies as an embedded derivative instrument and the fair value of the derivative as of November 13, 2014 was reclassified to equity and will no longer require further mark-to-market adjustments. | |||||||||
The fair value of the derivative liability as of November 13, 2014 has been calculated using the Black-Scholes option pricing model with the following assumptions: | |||||||||
Risk-free interest rate | 0.53% | ||||||||
Expected life of derivative liability | 2.13 years | ||||||||
Expected volatility | 85.76% | ||||||||
Dividend rate | N/A | ||||||||
The change in the derivative liability related to the conversion feature is as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Fair value of derivative liability at beginning of period | $ | 2,169 | $ | - | |||||
Fair value of $2,000 drawdown | 1,556 | - | |||||||
Fair value of $3,000 drawdown | 1,691 | 2,061 | |||||||
Change in fair value of derivative liability | (2,919 | ) | 108 | ||||||
Reclassification to equity | (2,497 | ) | - | ||||||
Fair value of derivative liability at end of period | - | $ | 2,169 |
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation | 8. ASSET RETIREMENT OBLIGATION | ||||||||
The Company’s mining and exploration activities are subject to various state and federal law and regulations governing the protection of the environment. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with the applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future restoration and reclamation costs are based principally on legal and regulatory requirements. | |||||||||
Changes to the Company’s asset retirement obligation are summarized below: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 3,834 | $ | 4,498 | |||||
Additions, changes in estimates and other | 136 | 584 | |||||||
Liabilities settled | (199 | ) | (1,638 | ) | |||||
Accretion expense | 425 | 390 | |||||||
Balance, end of period | 4,196 | 3,834 | |||||||
Less: Current portion | (196 | ) | - | ||||||
Non-current Portion | $ | 4,000 | $ | 3,834 | |||||
Additions and changes in estimates during the year ended December 31, 2014 were primarily related to changes in estimated timing of when the restoration and reclamation activities will occur along with changes in the costs estimated for plugging and abandonment activities at our South Texas ISR projects. As of December 31, 2014, the Company’s ARO was fully secured by surety bonds totaling $9,169, which were partially collateralized with restricted cash totaling $3,941. |
Other_LongTerm_Liabilities_and
Other Long-Term Liabilities and Deferred Credits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Long-Term Liabilities and Deferred Credits | 9. OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | ||||||||
Other long-term liabilities and deferred credits on the balance sheet consisted of: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Royalties payable(1) | $ | 500 | $ | 500 | |||||
Crownpoint property(1) | 450 | 450 | |||||||
GE purchase contract(2) | — | 400 | |||||||
$ | 950 | $ | 1,350 | ||||||
-1 | Royalties payable and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. | ||||||||
-2 | Balance is due on August 1, 2015 and has been reclassified to short-term accrued liabilities as of December 31, 2014. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Shareholders' Equity | 10. STOCKHOLDERS’ EQUITY |
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. | |
At-The-Market Sales | |
On October 31, 2011, the Company entered into an At-The-Market 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 from time to time sell shares of its common stock having an aggregate offering price up to $15,000 in “at-the-market” offerings, which shares are registered under the Company’s currently effective registration statement on Form S-3. The Company filed a prospectus supplement dated July 2, 2014 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 $4,100. 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 year ended December 31, 2014 the Company sold 794,586 shares of common stock for net proceeds of approximately $2,600 under the ATM Sales Agreement. As of March 19, 2015 approximately $6,000 of the aggregate $15,000 remained available for future sales under the ATM Sales Agreement. | |
Shareholder Rights Offering | |
In March 2013, the Company completed a Shareholder Rights Offering, whereby each stockholder and warrant holder received one non-transferrable subscription right for each share of common stock owned or subject to a warrant as of 5:00pm ET on January 28, 2013. Each subscription right entitled the holder to purchase 0.3119 of a share of common stock of the Company at a price of $2.55 per whole share. | |
Under the Shareholder Rights Offering, the Company raised $8,900 in gross proceeds, of which $5,000 was used to repay an outstanding short-term bridge loan payable to RCF. Also in connection with the short-term bridge loan, the Company issued 31,343 shares of common stock in 2013 for the payment of interest in the amount of $96 related to the six months ended March 31, 2013. | |
Common Stock Issued for Loan Interest and Fees | |
As discussed in Note 6 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 year ended December 31, 2014, the Company issued 325,853 shares of common stock for the payment of $840 in interest and fees. Subsequent to December 31, 2014, the Company issued 102,912 shares of common stock for the payment of $198 in interest relating to the three months ended December 31, 2014. | |
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 grant date fair value of $334. The issuance of 119,231 shares of common stock was based upon a common share price of $2.80. | |
Common Stock Issued for Settlement of Land Obligations | |
On August 8, 2014, the Company issued 127,359 shares of common stock with a grant date fair value of $342 to the Juan Tafoya Land Corporation in satisfaction of $338 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. | |
On October 3, 2014, the Company entered into a Second Amendment to the Uranium Mining Lease and Agreement whereby, on October 6, 2014, the Company repurchased 91,631 shares of common stock from the Juan Tafoya Land Corporation for an aggregate purchase price of $249. | |
Common Stock Issued for Services | |
In January 2013, the Company issued 83,200 shares valued at $3.50 per share based on the market trading price to Cormark Securities, Inc. in satisfaction of $291 in fees related to the Neutron Energy, Inc. merger. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Based Compensation | 11. STOCK BASED COMPENSATION | ||||||||||||||||
Stock-based compensation awards consist of stock options, restricted stock units, restricted stock awards and bonus shares 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. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. The maximum number of the Company’s common stock that may be reserved for issuance under the 2013 Plan is 1,000,000 shares of common stock, plus unissued shares under the prior plans. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Company (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other Committees or to such other officers and employees of the Company as designated by the Committee. | |||||||||||||||||
As of December 31, 2014, 646,180 shares of common stock were available for future issuances under the 2013 Plan. For the years ended December 31, 2014 and 2013, the Company recorded stock-based compensation cost of $1,031 and $381, respectively, which has been included in general and administrative expense. | |||||||||||||||||
Bonus Shares | |||||||||||||||||
In March 2014, in accordance with the Company’s 2013 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 vested immediately and had a grant date fair value of $192. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes stock options outstanding and changes during the years ended December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of stock options | Weighted Average Exercise Price | Number of stock options | Weighted Average Exercise Price | ||||||||||||||
Stock options outstanding at beginning of period | 309,479 | $ | 19.75 | 317,270 | $ | 24.62 | |||||||||||
Granted | - | - | 65,000 | 2.86 | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Expired | (134,731 | ) | 12.07 | - | - | ||||||||||||
Canceled or forfeited | (14,000 | ) | 31.31 | (72,791 | ) | 25.9 | |||||||||||
Stock options outstanding at end of period | 160,748 | $ | 25.18 | 309,479 | $ | 19.75 | |||||||||||
Stock options exercisable at end of period | 115,333 | $ | 33.81 | 226,980 | $ | 25.57 | |||||||||||
Total estimated unrecognized compensation cost from unvested stock options as of December 31, 2014 was approximately $83, which is expected to be recognized over a weighted-average period of 1.44 years. | |||||||||||||||||
The fair value of stock options granted to employees and directors was estimated at the grant date using the Black-Scholes option pricing model using the following assumptions: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | N/A | 84% - 111% | |||||||||||||||
Risk-free interest rate | N/A | 1.40% - 2.63% | |||||||||||||||
Expected life (years) | N/A | 2.7 - 7.8 | |||||||||||||||
Dividend yield | N/A | N/A | |||||||||||||||
Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected price volatility is based on the historical volatility of our common stock. Changes in the subjective input assumptions can materially affect the fair value estimate. The expected term of the options granted is derived from the output of the option pricing model and represents the period of time that the options granted are expected to be outstanding. The risk-free rate for the periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Time-based and performance-based 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 for the years ending December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of restricted stock units | Weighted-Average Grant Date Fair Value | Number of restricted stock units | Weighted-Average Grant Date Fair Value | ||||||||||||||
Unvested RSUs at beginning of period | 280,000 | $ | 3.31 | - | $ | - | |||||||||||
Granted | 431,941 | 2.61 | 280,000 | 3.31 | |||||||||||||
Forfeited | (29,778 | ) | 3.38 | - | - | ||||||||||||
Vested | (137,353 | ) | 2.95 | - | - | ||||||||||||
Unvested RSUs at end of period | 544,810 | $ | 2.84 | 280,000 | $ | 3.31 | |||||||||||
Total estimated unrecognized compensation cost from unvested RSUs as of December 31, 2014 was approximately $860, which is expected to be recognized over a weighted-average period of 2.19 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Time-based and performance-based 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 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 years ended December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of RSAs | Weighted-Average Grant Date Fair Value | Number of RSAs | Weighted-Average Grant Date Fair Value | ||||||||||||||
Unvested RSAs at beginning of period | 54,151 | $ | 5.49 | 40,870 | $ | 9.1 | |||||||||||
Granted | - | - | 50,000 | 2.73 | |||||||||||||
Forfeited | (5,601 | ) | 5.39 | (4,220 | ) | 12.74 | |||||||||||
Vested | (21,880 | ) | 5.85 | (32,499 | ) | 4.85 | |||||||||||
Unvested RSAs at end of period | 26,670 | $ | 5.21 | 54,151 | $ | 5.49 | |||||||||||
The total estimated unrecognized compensation cost from the unvested RSA grants at December 31, 2014 was $57, which is expected to be recognized over the weighted-average vesting period of 0.99 years. |
Federal_Income_Taxes
Federal Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Federal Income Taxes | 12. FEDERAL INCOME TAXES | ||||||||
We recognize future tax assets and liabilities for each tax jurisdiction based on the difference between the financial reporting and tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the taxes are paid or recovered. A valuation allowance is provided against net future tax assets for which we do consider the realization of such assets to meet the required “more likely than not” standard. | |||||||||
Our future tax assets and liabilities at December 31, 2014 and 2013 include the following components: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Non-Current: | |||||||||
Net operating loss carryforwards | $ | 71,882 | $ | 63,539 | |||||
Mineral properties | 11,375 | 14,153 | |||||||
Equipment & Furniture | 133 | 127 | |||||||
Restoration Reserves | 1,360 | 1,303 | |||||||
Stock-based compensation | 199 | — | |||||||
Derivatives | — | 37 | |||||||
Deferred tax assets | 84,949 | 79,159 | |||||||
Valuation allowance | (82,435 | ) | (78,544 | ) | |||||
Net | $ | 2,514 | $ | 615 | |||||
Deferred tax liabilities: | |||||||||
Current: | |||||||||
Prepaids and other | 100 | $ | 50 | ||||||
100 | 50 | ||||||||
Non-Current: | |||||||||
Derivatives | (956 | ) | — | ||||||
Equipment & Furniture | (1,658 | ) | (665 | ) | |||||
(2,614 | ) | (665 | ) | ||||||
Deferred tax liabilities | (2,514 | ) | (615 | ) | |||||
Net deferred tax asset (liability) | $ | — | $ | — | |||||
The valuation allowance increased $3,891 from the year ended December 31, 2013 to the year ended December 31, 2014. This was the result of an increase in the net deferred tax assets, primarily net operating loss carryforwards (“NOLs”), equity based compensation, and exploration spending on mineral properties. Because we are unable to determine whether it is more likely than not that the net deferred tax assets will be realized, we continue to record a 100% valuation against the net deferred tax assets. | |||||||||
At December 31, 2014, we had U.S. net operating loss carryforwards of approximately $206,364, which expire from 2018 to 2034. This included approximately $32,826 in net operating loss carryforwards associated with the Neutron merger. | |||||||||
Section 382 of the Internal Revenue Code could apply and limit our ability to utilize a portion of the US net operating loss carryforwards. Following the issuance of the Company’s Common Stock in 2001 and the Neutron merger in 2012, the ability to utilize the net operating loss carryforwards will be severely limited on an annual and aggregate basis. A formal Section 382 study has not been completed, therefore the actual usage of US net operating loss carryforwards has not been determined. Similar limitations apply to the state net operating loss carryforwards related to the Neutron acquisition. | |||||||||
A reconciliation of expected income tax on net income at statutory rates is as follows: | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (10,684 | ) | $ | (20,294 | ) | |||
Statutory tax rate | 34 | % | 34 | % | |||||
Tax recovery at statutory rate | (3,633 | ) | (6,900 | ) | |||||
Change in tax rates | — | 636 | |||||||
Mineral property adjustments | 1,975 | (4,210 | ) | ||||||
Stock based compensation | 12 | 416 | |||||||
Operating loss carryforward adjustment | (2,251 | ) | 636 | ||||||
Nondeductible write-offs | 6 | 126 | |||||||
Change in valuation allowance | 3,891 | 9,296 | |||||||
Income tax expense (recovery) | $— | $— | |||||||
We do not have any unrecognized income tax benefits. Should we incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of the interest expense and operating expense, respectively. | |||||||||
Uranium Resources, Inc., and its wholly owned subsidiaries, files in the U.S. federal jurisdiction and various state jurisdictions. The years still open for audit are generally the current year plus the previous three. However, because we have NOLs carrying forward, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax losses carried forward to open years. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES |
Environmental Considerations | |
The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws are constantly changing and generally becoming 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. | |
Sales Contracts | |
In March 2006, the Company first amended its sales contracts with Itochu Corporation (“Itochu”) and UG U.S.A., Inc. (“UG”) that superseded the previously existing contracts. Each contract provides for delivery of one- half of our actual production from our properties in Texas currently owned or hereafter acquired by the Company (excluding certain large potential exploration plays). Uranium deliveries from the inception of the contracts through December 31, 2014 have totaled approximately 510,000 pounds to Itochu and 480,000 pounds to UG. | |
In July 2013, the Company amended its uranium supply contract with Itochu to include a new sales pricing structure, new delivery dates and quantity levels. Pursuant to the amended agreement, Itochu would purchase one-half of all production from the Company’s Vasquez, Rosita or Kingsville properties up to three million pounds of U3O8. Any new production outside of those areas is not subject to the agreement. The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U3O8 or less, or seven percent when greater than $56.50 per pound. | |
Under the UG contract all production from our Texas properties will be sold at a price equal to the month-end long-term contract price for the second month prior to the month of delivery less $6 per pound until (i) 600,000 pounds have been sold in a particular delivery year and (ii) an aggregate of 3 million pounds of uranium has been sold. After the 600,000 pounds in any year and 3 million pounds total have been sold, UG will have a right of first refusal to purchase other Texas production at a price equal to the average spot price for a period prior to the date of delivery less 4%. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. SUBSEQUENT EVENT |
Securities Purchase Agreement | |
On March 6, 2015 the Company completed a registered direct offering for gross proceeds of $6,000. Net proceeds to the Company, after deducting agent’s fees and estimated offering expenses, were $5,400. Under the Securities Purchase Agreement, the Company agreed to sell 4,000,000 units at a price of $1.50 per unit. Each unit entitled the purchaser to receive one share of common stock of the Company and a warrant to purchase 0.55 shares of common stock at an exercise price of $2.00 per whole share. The warrants will be exercisable for a period of 5 years beginning on the six-month anniversary of original issuance and ending on a date that is five years after the first date of exercisability. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“US GAAP”) requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates included in the preparation of the financial statements are related to asset retirement obligations; stock-based compensation; derivative liabilities and asset impairment, including estimates used to derive future cash flows or market value associated with those assets. | |||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash deposits in excess of federally insured limits. The Company monitors the soundness of the financial institution and believes the Company’s risk is negligible. | |||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||||||
Facilities and Equipment | |||||||||||||||||
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are amortized using the units of production method. During the periods that our facilities are not in production, depreciation of our facilities and equipment is suspended as the assets are not in service. | |||||||||||||||||
Uranium Properties | |||||||||||||||||
Mineral rights acquisition costs are capitalized when incurred, and exploration costs are expensed as incurred. When we determine that a mineral right can be economically developed in accordance with U.S. GAAP, the costs then incurred to develop such property will be capitalized. During the periods that our facilities are not in production, depletion of our mineral interests, permits, licenses and development properties is suspended as the assets are not in service. If mineral properties are subsequently abandoned or impaired, any undepleted costs will be charged to loss in that period. | |||||||||||||||||
Other Property, Plant and Equipment | |||||||||||||||||
Other property, plant and equipment consists of corporate office equipment, furniture and fixtures and transportation equipment. Depreciation on other property is computed based upon the estimated useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Gain or loss on disposal of such assets is recorded as other income or expense as such assets are disposed. | |||||||||||||||||
Asset Impairment | Asset Impairment | ||||||||||||||||
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on quantities of recoverable minerals, expected uranium prices, production levels and operating costs of production and capital, based upon the projected remaining future uranium production from each project. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of uranium that will be obtained after taking into account losses during processing and treatment. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, uranium prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. | |||||||||||||||||
Restricted Cash | Restricted Cash | ||||||||||||||||
At December 31, 2014 and 2013, the Company had pledged certificates of deposit and money market accounts of $3,941 and $4,011, respectively, in order to collateralize performance bonds required for future restoration and reclamation obligations related to the Company’s South Texas production and development properties. These funds are not readily available to the Company and are not included in cash equivalents. | |||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||||||||
Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its ISR projects to the pre-existing or background average quality after the completion of mining. Asset retirement obligations, consisting primarily of estimated restoration and reclamation costs at the Company’s South Texas ISR projects, are recognized in the period incurred and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. If the Company does not have a recorded value for the related asset, then the asset retirement cost is expensed as incurred. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of restoration and reclamation costs. As the Company completes its restoration and reclamation work at its properties, the liability is reduced by the carrying value of the related asset retirement liability which is based upon the percentage of completion of each restoration and reclamation activity. Any gain or loss upon settlement is charged to income or expense and is included as part of the Company’s mineral property expense for the period. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. | |||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||
Our financial instruments consist of cash equivalents, restricted cash 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 December 31, 2014 and December 31, 2013, and indicates the fair value hierarchy: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
Total financial assets | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Total financial assets | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 | |||||||||
Total financial liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 | |||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||||||
The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges to or credits against income. The Company uses the Black-Scholes option pricing model to estimate the fair value of the derivative instruments. | |||||||||||||||||
The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |||||||||||||||||
Loss Per Share | Loss Per Share | ||||||||||||||||
Immediately following the close of trading on January 22, 2013, the Company completed a 1 for 10 reverse stock split for its common stock. With the reverse stock split, every ten shares of the Company’s issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split had no effect on the par value of the shares or the authorized number of shares of the Company. The reverse split reduced the number of URI’s outstanding common stock from approximately 161,100,000 shares to approximately 16,100,000 shares. All share and per share data herein has been retroactively adjusted for the reverse stock split. | |||||||||||||||||
Basic loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted loss per share is not presented as the effect on the basic loss per share would be anti-dilutive. At December 31, 2014 and 2013, we had 3,782,481 and 1,743,325 in potentially dilutive securities, respectively. | |||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||||||||||
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements or related disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Financial Instruments Recognized at Fair Value on Recurring Basis | The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2014 and December 31, 2013, and indicates the fair value hierarchy: | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
Total financial assets | $ | 3,941 | $ | - | $ | - | $ | 3,941 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Total financial assets | $ | 4,011 | $ | - | $ | - | $ | 4,011 | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 | |||||||||
Total financial liabilities | $ | - | $ | - | $ | 2,169 | $ | 2,169 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | 31-Dec-14 | 31-Dec-13 | |||||||
Net book value | Net book value | ||||||||
Uranium plant | $ | 8,921 | $ | 9,190 | |||||
Mineral rights and properties | 22,063 | 19,750 | |||||||
Vehicles | 264 | 568 | |||||||
Other property, plant and equipment | 1,482 | 1,333 | |||||||
Total | $ | 32,730 | $ | 30,841 | |||||
Summary of impairment expense by project | The Company recorded the following impairment charges for 2014 and 2013 related to its uranium projects and processing facilities: | ||||||||
For the years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Kingsville Dome Project | $ | 160 | $ | 474 | |||||
Rosita Project | - | 2,821 | |||||||
Vas quez Project | - | 276 | |||||||
Ambrosia Lake Project | - | 512 | |||||||
Other | - | 12 | |||||||
Total Impairment | $ | 160 | $ | 4,095 | |||||
Schedule of Mineral Property Expenditures | The Company spent the following amounts for each of its material properties: | ||||||||
For the years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Kingsville Dome Project | $ | 862 | $ | 2,378 | |||||
Rosita Project | 817 | 508 | |||||||
Vasquez Project | 518 | 120 | |||||||
Alta Mesa Este Exploration Project | 11 | - | |||||||
Butler Ranch Exploration Project | 32 | - | |||||||
Sejita Dome Exploration Project | - | - | |||||||
Crownpoint Project | 5 | 268 | |||||||
Churchrock Project | 109 | 250 | |||||||
Cebolleta Property | 571 | 585 | |||||||
Juan Tafoya Property | 413 | 474 | |||||||
Roca Honda Project | 80 | 75 | |||||||
Nose Rock Project | - | - | |||||||
West Largo Project | 12 | 22 | |||||||
Other | 72 | 535 | |||||||
Total expense for the period | $ | 3,502 | $ | 5,215 |
Convertible_Loan_Related_Party1
Convertible Loan, Related Party (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Issuance of Common Stock for Settlement of Interest Expense, Commitment Fees and 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 | 117,188 | $ | 2.56 | 4-Feb-14 | |||||||||||
Q4 2013 Interest payment and commitment fee | 63 | 21,218 | $ | 2.9731 | 4-Feb-14 | ||||||||||||
Q1 2014 Interest payment and commitment fee | 138 | 45,737 | $ | 3.0209 | 10-Apr-14 | ||||||||||||
Q2 2014 Interest payment and commitment fee | 175 | 69,233 | $ | 2.6561 | 25-Jul-14 | ||||||||||||
Q3 2014 Interest payment | 164 | 72,477 | $ | 2.7595 | 2-Oct-14 | ||||||||||||
Q4 2014 Interest payment | 198 | 102,912 | $ | 1.9434 | 2-Jan-15 | ||||||||||||
Total | $ | 1,038 | 428,765 | ||||||||||||||
Schedule of Components of Convertible Loan | The following table represents the key components of our convertible loan: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Debt principal | 8,000 | 3,000 | |||||||||||||||
Unamortized discount | (3,655 | ) | (1,975 | ) | |||||||||||||
Carrying value of convertible loan, end of period | 4,345 | $ | 1,025 |
Derivative_Liability_Tables
Derivative Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Schedule of Assumptions Used in Calculation of Derivative Liability Using Black-Scholes Option Pricing Model | The fair value of the derivative liability as of November 13, 2014 has been calculated using the Black-Scholes option pricing model with the following assumptions: | ||||||||
Risk-free interest rate | 0.53% | ||||||||
Expected life of derivative liability | 2.13 years | ||||||||
Expected volatility | 85.76% | ||||||||
Dividend rate | N/A | ||||||||
Schedule of Changes in Derivative Liability Related to Conversion Feature | The change in the derivative liability related to the conversion feature is as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Fair value of derivative liability at beginning of period | $ | 2,169 | $ | - | |||||
Fair value of $2,000 drawdown | 1,556 | - | |||||||
Fair value of $3,000 drawdown | 1,691 | 2,061 | |||||||
Change in fair value of derivative liability | (2,919 | ) | 108 | ||||||
Reclassification to equity | (2,497 | ) | - | ||||||
Fair value of derivative liability at end of period | - | $ | 2,169 |
Assets_Retirement_Obligations_
Assets Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Summary of Asset Retirement Obligation | Changes to the Company’s asset retirement obligation are summarized below: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 3,834 | $ | 4,498 | |||||
Additions, changes in estimates and other | 136 | 584 | |||||||
Liabilities settled | (199 | ) | (1,638 | ) | |||||
Accretion expense | 425 | 390 | |||||||
Balance, end of period | 4,196 | 3,834 | |||||||
Less: Current portion | (196 | ) | - | ||||||
Non-current Portion | $ | 4,000 | $ | 3,834 |
Other_LongTerm_Liabilities_and1
Other Long-Term Liabilities and Deferred Credits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of Other Long-Term Liabilities and Deferred Credits | Other long-term liabilities and deferred credits on the balance sheet consisted of: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Royalties payable(1) | $ | 500 | $ | 500 | |||||
Crownpoint property(1) | 450 | 450 | |||||||
GE purchase contract(2) | — | 400 | |||||||
$ | 950 | $ | 1,350 | ||||||
-1 | Royalties payable and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. | ||||||||
-2 | Balance is due on August 1, 2015 and has been reclassified to short-term accrued liabilities as of December 31, 2014. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Options Outstanding | The following table summarizes stock options outstanding and changes during the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of stock options | Weighted Average Exercise Price | Number of stock options | Weighted Average Exercise Price | ||||||||||||||
Stock options outstanding at beginning of period | 309,479 | $ | 19.75 | 317,270 | $ | 24.62 | |||||||||||
Granted | - | - | 65,000 | 2.86 | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Expired | (134,731 | ) | 12.07 | - | - | ||||||||||||
Canceled or forfeited | (14,000 | ) | 31.31 | (72,791 | ) | 25.9 | |||||||||||
Stock options outstanding at end of period | 160,748 | $ | 25.18 | 309,479 | $ | 19.75 | |||||||||||
Stock options exercisable at end of period | 115,333 | $ | 33.81 | 226,980 | $ | 25.57 | |||||||||||
Summary of Fair Value of Stock Options Granted to Employees and Directors | The fair value of stock options granted to employees and directors was estimated at the grant date using the Black-Scholes option pricing model using the following assumptions: | ||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | N/A | 84% - 111% | |||||||||||||||
Risk-free interest rate | N/A | 1.40% - 2.63% | |||||||||||||||
Expected life (years) | N/A | 2.7 - 7.8 | |||||||||||||||
Dividend yield | N/A | N/A | |||||||||||||||
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the years ending December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of restricted stock units | Weighted-Average Grant Date Fair Value | Number of restricted stock units | Weighted-Average Grant Date Fair Value | ||||||||||||||
Unvested RSUs at beginning of period | 280,000 | $ | 3.31 | - | $ | - | |||||||||||
Granted | 431,941 | 2.61 | 280,000 | 3.31 | |||||||||||||
Forfeited | (29,778 | ) | 3.38 | - | - | ||||||||||||
Vested | (137,353 | ) | 2.95 | - | - | ||||||||||||
Unvested RSUs at end of period | 544,810 | $ | 2.84 | 280,000 | $ | 3.31 | |||||||||||
Summary of Restricted Stock Awards | The following table summarizes RSA activity during the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of RSAs | Weighted-Average Grant Date Fair Value | Number of RSAs | Weighted-Average Grant Date Fair Value | ||||||||||||||
Unvested RSAs at beginning of period | 54,151 | $ | 5.49 | 40,870 | $ | 9.1 | |||||||||||
Granted | - | - | 50,000 | 2.73 | |||||||||||||
Forfeited | (5,601 | ) | 5.39 | (4,220 | ) | 12.74 | |||||||||||
Vested | (21,880 | ) | 5.85 | (32,499 | ) | 4.85 | |||||||||||
Unvested RSAs at end of period | 26,670 | $ | 5.21 | 54,151 | $ | 5.49 |
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Future Tax Assets and Liabilities | Our future tax assets and liabilities at December 31, 2014 and 2013 include the following components: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Non-Current: | |||||||||
Net operating loss carryforwards | $ | 71,882 | $ | 63,539 | |||||
Mineral properties | 11,375 | 14,153 | |||||||
Equipment & Furniture | 133 | 127 | |||||||
Restoration Reserves | 1,360 | 1,303 | |||||||
Stock-based compensation | 199 | — | |||||||
Derivatives | — | 37 | |||||||
Deferred tax assets | 84,949 | 79,159 | |||||||
Valuation allowance | (82,435 | ) | (78,544 | ) | |||||
Net | $ | 2,514 | $ | 615 | |||||
Deferred tax liabilities: | |||||||||
Current: | |||||||||
Prepaids and other | 100 | $ | 50 | ||||||
100 | 50 | ||||||||
Non-Current: | |||||||||
Derivatives | (956 | ) | — | ||||||
Equipment & Furniture | (1,658 | ) | (665 | ) | |||||
(2,614 | ) | (665 | ) | ||||||
Deferred tax liabilities | (2,514 | ) | (615 | ) | |||||
Net deferred tax asset (liability) | $ | — | $ | — | |||||
Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates | A reconciliation of expected income tax on net income at statutory rates is as follows: | ||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (10,684 | ) | $ | (20,294 | ) | |||
Statutory tax rate | 34 | % | 34 | % | |||||
Tax recovery at statutory rate | (3,633 | ) | (6,900 | ) | |||||
Change in tax rates | — | 636 | |||||||
Mineral property adjustments | 1,975 | (4,210 | ) | ||||||
Stock based compensation | 12 | 416 | |||||||
Operating loss carryforward adjustment | (2,251 | ) | 636 | ||||||
Nondeductible write-offs | 6 | 126 | |||||||
Change in valuation allowance | 3,891 | 9,296 | |||||||
Income tax expense (recovery) | $— | $— |
Description_of_the_Company_Det
Description of the Company (Details Narrative) | 12 Months Ended |
Dec. 31, 2014 | |
Property | |
Facility | |
Number of licensed processing facilities | 2 |
Period over properties were acquired | 20 years |
Number of properties currently in production | 0 |
NRC License [Member] | |
Maximum uranium entity licensed to produce | 3,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 22, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
ScheduleOfSignificantAccountingPoliciesLineItems [Line Items] | |||
Deposit and money market accounts | $3,941 | $4,011 | |
Reverse stock split ratio | 1 for 10 | ||
Common stock, shares outstanding | 25,192,669 | 19,820,258 | |
Potentially dilutive securities | 3,782,481 | 1,743,325 | |
Maximum [Member] | |||
ScheduleOfSignificantAccountingPoliciesLineItems [Line Items] | |||
Common stock, shares outstanding | 161,100,000 | ||
Minimum [Member] | |||
ScheduleOfSignificantAccountingPoliciesLineItems [Line Items] | |||
Common stock, shares outstanding | 16,100,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Financial Instruments Recognized at Fair Value on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted cash | $3,941 | $4,011 |
Total financial assets | 3,941 | 4,011 |
Derivative liabilities | 2,169 | |
Total financial liabilities | 2,169 | |
Fair Value, Inputs, Level 1 [Member] | ||
Restricted cash | 3,941 | 4,011 |
Total financial assets | 3,941 | 4,011 |
Derivative liabilities | ||
Total financial liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Restricted cash | ||
Total financial assets | ||
Derivative liabilities | ||
Total financial liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Restricted cash | ||
Total financial assets | ||
Derivative liabilities | 2,169 | |
Total financial liabilities | $2,169 |
Liquidity_Details_Narrative
Liquidity (Details Narrative) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 |
Working capital surplus (deficit) | $3,761 | ($1,226) | ||
Increase in working capital during the period | 4,987 | |||
Net increase/(decrease) in cash and cash equivalents | 4,453 | -3,549 | ||
Cash and cash equivalents | 5,570 | 1,117 | 4,666 | |
Debt maturity period | 13-Nov-14 | |||
Maximum [Member] | ATM Sales Agreement [Member] | ||||
Proceeds from issuance aggregate offering price | 15,000 | |||
Convertible Secured Debt Facility [Member] | ||||
Net increase/(decrease) in cash and cash equivalents | 8,000 | |||
Debt maturity period | 31-Dec-16 | |||
March 2015 [Member] | ||||
Proceeds from issuance aggregate offering price | 5,400 | |||
February 2014 [Member] | ||||
Proceeds from issuance aggregate offering price | 9,307 | |||
March,19, 2015 [Member] | ATM Sales Agreement [Member] | ||||
Available for sale Securities | $6,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details Narrative) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 05, 2014 |
Trench | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge on uranium plant equipment | $160 | $4,095 | |
Net carrying value of plant equipment after impairment | 32,730 | 30,841 | |
Plant equipment book value | 98,454 | 96,407 | |
Mineral property expenses | 3,502 | 5,215 | |
Kingsville Dome [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net carrying value of plant equipment after impairment | 461 | ||
Plant equipment book value | 2,461 | ||
Liability related to dismantling and decontaminating | 2,000 | ||
Book value exceeds net realizable sales value | 461 | ||
Capitalized asset retirement obligation costs | 684 | ||
Gross area on mineral leases | 2,434 | ||
Net area on mineral leases | 2,227 | ||
Lease expiration date description | ranging from 2000 to 2007. | ||
Remaining asset impairement charges | 80 | ||
Kingsville Dome [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 6.25% | ||
Annual per acre royalty payable | $10 | ||
Kingsville Dome [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 9.38% | ||
Annual per acre royalty payable | $30 | ||
Rosita Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge on uranium plant equipment | 2,821 | ||
Declining in uranium market price write down | 3,331 | ||
Mineral property expenses | 817 | 508 | |
Gross area on mineral leases | 3,377 | ||
Net area on mineral leases | 3,377 | ||
Ambrosia Lake Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge on uranium plant equipment | 512 | ||
Declining in uranium market price write down | 0 | ||
Rosita South Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross area on mineral leases | 1,795 | ||
Net area on mineral leases | 1,479 | ||
Rosita Project and Rosita South Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expiration date description | extending out to 2015 | ||
Rosita Project and Rosita South Property [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 6.25% | ||
Annual per acre royalty payable | $10 | ||
Rosita Project and Rosita South Property [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 18.25% | ||
Annual per acre royalty payable | $30 | ||
Mineral sales price per pound | $80 | ||
Vasquez Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge on uranium plant equipment | 276 | ||
Mineral property expenses | 518 | 120 | |
Capitalized asset retirement obligation costs | 684 | ||
Gross area on mineral leases | 872 | ||
Net area on mineral leases | 872 | ||
Lease expiration date description | expired in February 2008 | ||
Vasquez Project [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 6.25% | ||
Mineral sales price per pound | $25 | ||
Vasquez Project [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 10.25% | ||
Mineral sales price per pound | $40 | ||
Alta Mesa Este Exploration Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 11 | ||
Percentage of royalties on lease of sales | 10.00% | ||
Number of area cover under leases fee | 6 | ||
Gross area on mineral rights | 2,916 | ||
Net area on mineral rights | 2,841 | ||
Alta Mesa Este Exploration Project [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual per acre royalty payable | $20 | ||
Alta Mesa Este Exploration Project [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual per acre royalty payable | $50 | ||
Butler Ranch Exploration Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 32 | ||
Gross area on mineral leases | 2,653 | ||
Net area on mineral leases | 2,592 | ||
Percentage of royalties on lease of sales | 10.00% | ||
Number of area cover under leases fee | 9 | ||
Butler Ranch Exploration Project [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual per acre royalty payable | $10 | ||
Lease term | 8 years | ||
Butler Ranch Exploration Project [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual per acre royalty payable | $25 | ||
Lease term | 10 years | ||
Sejita Dome Exploration Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | |||
Gross area on mineral leases | 3,263 | ||
Net area on mineral leases | 2,176 | ||
Number of area cover under leases fee | 15 | ||
Sejita Dome Exploration Project [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 4.50% | ||
Annual per acre royalty payable | $10 | ||
Sejita Dome Exploration Project [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 20.00% | ||
Annual per acre royalty payable | $75 | ||
Churchrock [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross area on mineral leases | 3,458 | ||
Net area on mineral leases | 3,458 | ||
Churchrock [Member] | Section 17 and Mancos [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 33.00% | ||
Percentage of overriding royalty obligation | 2.00% | ||
Churchrock [Member] | Minimum [Member] | Section 17 and Mancos [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 5.00% | ||
Churchrock [Member] | Maximum [Member] | Section 17 and Mancos [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 6.25% | ||
Churchrock Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 109 | 250 | |
Number of parcels | 3 | ||
Crownpoint [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross area on mineral leases | 640 | ||
Net area on mineral leases | 556 | ||
Annual maintenance fee per claim | $155 | ||
Crownpoint [Member] | Churchrock Deposits [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 22 | ||
Crownpoint [Member] | Section 9 Northwest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of section the Company holds mineral rights | 0.25% | ||
Number of unpatented lode mining claims | 9 | ||
Crownpoint [Member] | Section 24 Southwest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of section the Company holds mineral rights | 0.25% | ||
Number of unpatented lode mining claims | 10 | ||
Crownpoint [Member] | Section 25 North East [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of section the Company holds mineral rights | 0.25% | ||
Number of unpatented lode mining claims | 8 | ||
Crownpoint [Member] | Section 24 Southeast [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of section the Company holds mineral rights | 0.25% | ||
Number of unpatented lode mining claims | 2 | ||
Percentage of interest earned in project | 40.00% | ||
Area of land in mineral fee interest acquired | 140 | ||
Percentage of mineral fee interest Company owns on additional acres | 100.00% | ||
Additional area of land in fee interest acquired | 20 | ||
Cebolleta Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 571 | 585 | |
Cebolleta Property [Member] | Neutron Energy Inc [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease term | 10 years | ||
Area covered under lease | 6,717 | ||
Initial payments per lease agreement | 5,000 | ||
Amount used in the calculation of recoverable reserve payment per unit | 1 | ||
Annual advance royalties previously paid | 6,500 | ||
Royality payable | 500 | ||
Cebolleta Property [Member] | Minimum [Member] | Neutron Energy Inc [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 4.50% | ||
Cebolleta Property [Member] | Maximum [Member] | Neutron Energy Inc [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 8.00% | ||
Feasibility study term | 6 years | ||
Annual advance royalties previously paid | 1,500 | ||
Amount of deduction to recoverable reserve payment | 5,000 | ||
Juan Tafoya Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 413 | 474 | |
Lease term | 10 years | ||
Area of land in mineral fee interest acquired | 4,097 | ||
Initial payments per lease agreement | 1,250 | ||
Annual base rent per acre | $75 | ||
Reduction of market value per pound | $25 | ||
Juan Tafoya Property [Member] | First Five Year [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual rental payments | 225 | ||
Juan Tafoya Property [Member] | Second Five Year [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Annual rental payments | 338 | ||
Juan Tafoya Property [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 4.65% | ||
Juan Tafoya Property [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 6.50% | ||
Roca Honda Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 80 | 75 | |
Area covered under lease | 3,688 | ||
Roca Honda Project [Member] | Section 8 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of unpatented lode mining claims | 36 | ||
Roca Honda Project [Member] | Section 11 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of unpatented lode mining claims | 31 | ||
Nose Rock Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | |||
Area covered under lease | 6,400 | ||
Percentage of Royalties on lease | 0.00% | ||
Interest earned in project in consideration of investment | 0.00% | ||
West Largo Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Mineral property expenses | 12 | 22 | |
Percentage of interest earned in project | 100.00% | ||
Annual maintenance fee per claim | $155 | ||
Area covered under lease | 3,840 | ||
West Largo Project [Member] | Sections 20 and 28 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of unpatented lode mining claims | 75 | ||
West Largo Project [Member] | Section 29 [Member] | Elkins Ranch [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of royalties on lease of sales | 2.50% | ||
Gallup [Member] | Crownpoint [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 35 | ||
Gallup [Member] | Nose Rock Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 45 | ||
Albuquerque [Member] | Juan Tafoya Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 45 | ||
Laguna [Member] | Juan Tafoya Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 25 | ||
San Mateo [Member] | Roca Honda Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Distance of property from a specified location | 4 | ||
Asset Exchange Agreement with Rio Grande Resources Corporation [Member] | Roca Honda [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fair value of the assets | 2,313 | ||
Gain on exchange of assets | $2,313 | ||
Unproved uranium assets duration period | 3 years | ||
Number of parcels | 2 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property plant and equipment balances, net | $32,730 | $30,841 |
Uranium Plant [Member] | ||
Property plant and equipment balances, net | 8,921 | 9,190 |
Mineral Rights and Properties [Member] | ||
Property plant and equipment balances, net | 22,063 | 19,750 |
Vehicles [Member] | ||
Property plant and equipment balances, net | 264 | 568 |
Other Property Plant and Equipment [Member] | ||
Property plant and equipment balances, net | $1,482 | $1,333 |
Property_Plant_and_Equipment_S1
Property, Plant and Equipment - Summary of Impairment Expense by Project (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Total Impairment | $160 | $4,095 |
Kingsville Dome Project [Member] | ||
Total Impairment | 160 | 474 |
Rosita Project [Member] | ||
Total Impairment | 2,821 | |
Vasquez Project [Member] | ||
Total Impairment | 276 | |
Ambrosia Lake Project [Member] | ||
Total Impairment | 512 | |
Other Project [Member] | ||
Total Impairment | $12 |
Property_Plant_and_Equipment_S2
Property, Plant and Equipment - Schedule of Mineral Property Expenditures (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Total expense for the period | $3,502 | $5,215 |
Kingsville Dome Project [Member] | ||
Total expense for the period | 862 | 2,378 |
Rosita Project [Member] | ||
Total expense for the period | 817 | 508 |
Vasquez Project [Member] | ||
Total expense for the period | 518 | 120 |
Alta Mesa Este Exploration Project [Member] | ||
Total expense for the period | 11 | |
Butler Ranch Exploration Project [Member] | ||
Total expense for the period | 32 | |
Sejita Dome Exploration Project [Member] | ||
Total expense for the period | ||
Crownpoint Project [Member] | ||
Total expense for the period | 5 | 268 |
Churchrock Project [Member] | ||
Total expense for the period | 109 | 250 |
Cebolleta Property [Member] | ||
Total expense for the period | 571 | 585 |
Juan Tafoya Property [Member] | ||
Total expense for the period | 413 | 474 |
Roca Honda Project [Member] | ||
Total expense for the period | 80 | 75 |
Nose Rock Project [Member] | ||
Total expense for the period | ||
West Largo Project [Member] | ||
Total expense for the period | 12 | 22 |
Other Project [Member] | ||
Total expense for the period | $72 | $535 |
Convertible_Loan_Related_Party2
Convertible Loan, Related Party (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2014 | Nov. 13, 2013 | Apr. 30, 2014 | Apr. 29, 2014 | Jan. 22, 2013 |
Line of Credit Facility [Line Items] | ||||||||
Debt maturity date | 13-Nov-14 | |||||||
Interest expense | $198 | $2,368 | $408 | |||||
Debt conversation price per shares | $2.60 | $2.60 | ||||||
Amortization of debt discount | 1,567 | 87 | ||||||
Common stock, shares outstanding | 25,192,669 | 25,192,669 | 19,820,258 | |||||
Issuance of common stock, shares | 428,765 | |||||||
Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt maturity date | 31-Dec-16 | |||||||
Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Common stock, shares outstanding | 161,100,000 | |||||||
Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Common stock, shares outstanding | 16,100,000 | |||||||
Resource Capital Fund V LP [Member] | Notes Payable, Other Payables [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt interest rate | 10.00% | 10.00% | ||||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt maturity date | 31-Dec-16 | |||||||
Percentage of commitment fee paid | 1.00% | |||||||
Percentage of loan establishment fee | 2.00% | |||||||
Loan establishment fee | 300 | |||||||
Prepayment of outstanding loan secured for pledged | 5,000 | |||||||
Debt conversation price per shares | $2.60 | $2.60 | ||||||
Equity price per share | $1 | |||||||
Issuance of common stock, shares | 3,076,923 | |||||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | March 19, 2015 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt conversation price per shares | $2.60 | |||||||
Common stock, shares outstanding | 6,900,000 | |||||||
Percentage of outstanding common stock | 23.50% | |||||||
Debt conversation amount | 8,000 | |||||||
Issuance of common stock, shares | 3,076,923 | |||||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | Period through 29 January 2014 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt interest rate | 12.00% | 12.00% | ||||||
Resource Capital Fund V LP [Member] | Advanced Tranche [Member] | Senior Secured Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Proceeds from borrowings | 3,000 | |||||||
Resource Capital Fund V LP [Member] | Maximum [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percentage of outstanding common stock | 30.60% | 30.60% | ||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Three Tranche [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Proceeds from borrowings | 5,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | First Tranche [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Proceeds from borrowings | 5,000 | |||||||
Line of credit remaining amount | 2,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Final Tranche [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Proceeds from borrowings | 3,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Receipt of AdvanceTranche [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Proceeds from borrowings | 8,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 15,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Maximum [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit fee available | 15,000 | |||||||
Resource Capital Fund V LP [Member] | Secured Convertible Loan Facility [Member] | Minimum [Member] | Loan Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit fee available | $8,000 |
Convertible_Loan_Related_Party3
Convertible Loan, Related Party - Schedule of Issuance of Common Stock for Settlement of Interest Expense, Commitment Fees and Establishment Fee (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Shares of common stock issued, Amount | $1,038 |
Shares of common stock issued, Shares | 428,765 |
Establishment Fee [Member] | |
Shares of common stock issued, Amount | 300 |
Shares of common stock issued, Shares | 117,188 |
Volume Weighted Average Price | $2.56 |
Date of Issuance | 4-Feb-14 |
Interest Payment and Commitment Fee [Member] | |
Shares of common stock issued, Amount | 63 |
Shares of common stock issued, Shares | 21,218 |
Volume Weighted Average Price | $2.97 |
Date of Issuance | 4-Feb-14 |
Interest Payment and Commitment Fee One [Member] | |
Shares of common stock issued, Amount | 138 |
Shares of common stock issued, Shares | 45,737 |
Volume Weighted Average Price | $3.02 |
Date of Issuance | 10-Apr-14 |
Interest Payment and Commitment Fee Two [Member] | |
Shares of common stock issued, Amount | 175 |
Shares of common stock issued, Shares | 69,233 |
Volume Weighted Average Price | $2.66 |
Date of Issuance | 25-Jul-14 |
Interest Payment [Member] | |
Shares of common stock issued, Amount | 164 |
Shares of common stock issued, Shares | 72,477 |
Volume Weighted Average Price | $2.76 |
Date of Issuance | 2-Oct-14 |
Interest Payment One [Member] | |
Shares of common stock issued, Amount | $198 |
Shares of common stock issued, Shares | 102,912 |
Volume Weighted Average Price | $1.94 |
Date of Issuance | 2-Jan-15 |
Convertible_Loan_Related_Party4
Convertible Loan, Related Party - Schedule of Components of Convertible Loan (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Debt principal | $8,000 | $3,000 |
Unamortized discount | -3,655 | -1,975 |
Carrying value of convertible loan, end of period | $4,345 | $1,025 |
Derivative_Liability_Details_N
Derivative Liability (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Debt exercise price expiration date | 13-Nov-14 |
Debt exercise price | $2.60 |
Derivative_Liability_Schedule_
Derivative Liability - Schedule of Assumptions Used in Calculation of Derivative Liability Using Black-Scholes Option Pricing Model (Details) | 0 Months Ended |
Nov. 13, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk-free interest rate | 0.53% |
Expected life of derivative liability | 2 years 1 month 17 days |
Expected volatility | 85.76% |
Dividend rate | 0.00% |
Derivative_Liability_Schedule_1
Derivative Liability - Schedule of Changes in Derivative Liability Related to Conversion Feature (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value of derivative liability beginning balance | $2,169 | |
Change in fair value of derivative liability | -2,919 | 108 |
Reclassification to equity | -2,497 | |
Fair value of derivative liability end balance | 2,169 | |
Fair Value Of Derivative Liability One [Member] | ||
Fair value of derivative liability drawdown | 1,556 | |
Fair Value Of Derivative Liability Two [Member] | ||
Fair value of derivative liability drawdown | $1,691 | $2,061 |
Derivative_Liability_Schedule_2
Derivative Liability - Schedule of Changes in Derivative Liability Related to Conversion Feature (Details) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Of Derivative Liability One [Member] | ||
Proceeds from issuance of debt | $2,000 | |
Fair Value Of Derivative Liability Two [Member] | ||
Proceeds from issuance of debt | $3,000 | $3,000 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details Narrative) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted cash | $3,941 | $4,011 |
Surety Bond [Member] | ||
Surety bonds | $9,169 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance, beginning of period | $3,834 | $4,498 |
Additions, changes in estimates and other | 136 | 584 |
Liabilities settled | -199 | -1,638 |
Accretion expense | 425 | 390 |
Balance, end of period | 4,196 | 3,834 |
Less: Current portion | -196 | |
Non-current Portion | $4,000 | $3,834 |
Other_LongTerm_Liabilities_and2
Other Long-Term Liabilities and Deferred Credits (Details Narrative) | 12 Months Ended |
Dec. 31, 2014 | |
Debt maturity date | 13-Nov-14 |
Short-Term Accrued Liabilities [Member] | |
Debt maturity date | 1-Aug-15 |
Other_LongTerm_Liabilities_and3
Other Long-Term Liabilities and Deferred Credits - Schedule of Other Long-Term Liabilities and Deferred Credits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other long-term liabilities and deferred credits | $950 | $1,354 | ||
Royalties Payable [Member] | ||||
Other long-term liabilities and deferred credits | 500 | [1] | 500 | [1] |
Crownpoint Property [Member] | ||||
Other long-term liabilities and deferred credits | 450 | [1] | 450 | [1] |
GE Purchase Contract [Member] | ||||
Other long-term liabilities and deferred credits | [2] | $400 | [2] | |
[1] | Royalties payble and Crownpoint property liability were derived during prior years of production. Liabilities do not accrue interest or have a stated maturity date. | |||
[2] | Balance is due on August 1, 2015 and has been reclassified to short-term accrued liabilities as of December 31, 2014. |
Stockholders_Equity_Details_Na
Stockholders' Equity (Details Narrative) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Apr. 15, 2014 | Oct. 06, 2014 | Aug. 08, 2014 | Jul. 02, 2014 | Oct. 31, 2011 | Jan. 31, 2013 | Feb. 12, 2014 |
Proceeds from issuance of common stock | $11,880 | $3,600 | |||||||||
Payment of interest | 11 | ||||||||||
Common stock repurchased during period, value | -249 | ||||||||||
Rights Offering [Member] | |||||||||||
Number of shares of common stock entitled to be purchased for each subscription right | 0.3119 | ||||||||||
Exercise price per share | $2.55 | ||||||||||
Rights Offering [Member] | Resource Capital Fund V LP [Member] | |||||||||||
Issuance of common stock, shares | 31,343 | ||||||||||
Proceeds from short term bridge loan payable | 8,900 | ||||||||||
Repayment of short term bridge loan payable | 5,000 | ||||||||||
Payment of interest | 96 | ||||||||||
Loan Agreement One [Member] | Resource Capital Fund V LP [Member] | |||||||||||
Issuance of common stock, shares | 325,853 | 102,912 | |||||||||
Payment of interest | 840 | 198 | |||||||||
Settlement Agreement and General Release [Member] | Former Executive [Member] | |||||||||||
Issuance of common stock, shares | 119,231 | ||||||||||
Equity price per share | $2.80 | ||||||||||
Proceeds from issuance of common stock | 334 | ||||||||||
Uranium Mining Lease and Agreement [Member] | Juan Tafoya Land Corporation [Member] | |||||||||||
Issuance of common stock, shares | 127,359 | ||||||||||
Proceeds from issuance of common stock | 342 | ||||||||||
Payment of base rental | 338 | ||||||||||
Common stock repurchased during period, shares | 91,631 | ||||||||||
Common stock repurchased during period, value | 249 | ||||||||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | |||||||||||
Proceeds from offering price | 4,100 | 15,000 | |||||||||
Percentage of commission to be paid on gross proceeds | 3.00% | ||||||||||
Sale of common stock, shares | 794,586 | ||||||||||
Proceeds from sales of common stock | 2,600 | ||||||||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | March 19, 2015 [Member] | |||||||||||
Equity securities available for sales | 6,000 | 6,000 | |||||||||
Proceeds from future sale of equity | 15,000 | ||||||||||
Cormark Securities Inc [Member] | Neutron Energy Inc [Member] | |||||||||||
Equity price per share | $3.50 | ||||||||||
Number of shares issuance for services | 83,200 | ||||||||||
Business acquisition related fees | 291 | ||||||||||
Registered Direct Offering [Member] | |||||||||||
Issuance of common stock, shares | 3,960,000 | ||||||||||
Equity price per share | $2.60 | ||||||||||
Proceeds from issuance of common stock | $9,307 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details Narrative) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $1,031 | $381 | |
2013 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares reserved for future issuance | 646,180 | ||
Shares vested grant date fair value | $192 | ||
2013 Omnibus Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares reserved for future issuance | 1,000,000 | ||
Employee stock options maximum vesting term | 10 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | 83 | ||
Weighted average period of unvested stock options | 1 year 5 months 9 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost from unvested stock options | 860 | ||
Weighted average period of unvested stock options | 2 years 2 months 9 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares vested grant date fair value | $2.61 | $3.31 | |
Unrecognized compensation cost from unvested stock options | $57 | ||
Weighted average period of unvested stock options | 11 months 27 days |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Stock Options Outstanding (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outanding, Beginning of period | 309,479 | 317,270 |
Number of stock options outanding, Granted | 65,000 | |
Number of stock options outanding, Exercised | ||
Number of stock options outanding, Expired | -134,731 | |
Number of stock options outanding, Canceled or forfeited | -14,000 | -72,791 |
Number of stock options outanding, End of period | 160,748 | 309,479 |
Number of stock options outanding, Exercisable | 115,333 | 226,980 |
Weighted average exercise price, Beginning of period | $19.75 | $24.62 |
Weighted average exercise price, Granted | $2.86 | |
Weighted average exercise price, Exercised | ||
Weighted average exercise price, Expired | $12.07 | |
Weighted average exercise price, Canceled or forfeited | $31.31 | $25.90 |
Weighted average exercise price, End of period | $25.18 | $19.75 |
Weighted average exercise price, Exercisable | $33.81 | $25.57 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Fair Value of Stock Options Granted to Employees and Directors (Details) (Employees And Directors [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Expected volatility | 0.00% | |
Risk free rate | 0.00% | |
Expected life | 0 years | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Expected volatility | 84.00% | |
Risk free rate | 1.40% | |
Expected life | 2 years 8 months 12 days | |
Maximum [Member] | ||
Expected volatility | 111.00% | |
Risk free rate | 2.63% | |
Expected life | 7 years 9 months 18 days |
Stock_Based_Compensation_Summa2
Stock Based Compensation - Summary of Status of Non-Vested Restricted Shares (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock Awards, Unvested RSUs Beginning of period | 280,000 | |
Number of restricted stock Awards, Granted | 431,941 | 280,000 |
Number of restricted stock Awards, Forfeited | -29,778 | |
Number of restricted stock Awards, Vested | -137,353 | |
Number of restricted stock Awards, Unvested RSUs End of period | 544,810 | 280,000 |
Weighted Average Grant Date Fair Value, Unvested RSUs Beginning of period | $3.31 | |
Weighted Average Grant Date Fair Value, Granted | $2.61 | $3.31 |
Weighted Average Grant Date Fair Value, Forfeited | $3.38 | |
Weighted Average Grant Date Fair Value, Vested | $2.95 | |
Weighted Average Grant Date Fair Value, Unvested RSUs Beginning of period | $2.84 | $3.31 |
Stock_Based_Compensation_Summa3
Stock Based Compensation - Summary of Restricted Stock Awards (Details) (Restricted Stock Awards [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Awards [Member] | ||
Number of restricted stock Awards, Unvested RSUs Beginning of period | 54,151 | 40,870 |
Number of restricted stock Awards, Granted | 50,000 | |
Number of restricted stock Awards, Forfeited | -5,601 | -4,220 |
Number of restricted stock Awards, Vested | -21,880 | -32,499 |
Number of restricted stock Awards, Unvested RSUs End of period | 26,670 | 54,151 |
Weighted Average Grant Date Fair Value, Unvested RSUs Beginning of period | $5.49 | $9.10 |
Weighted Average Grant Date Fair Value, Granted | $2.73 | |
Weighted Average Grant Date Fair Value, Forfeited | $5.39 | $12.74 |
Weighted Average Grant Date Fair Value, Vested | $5.85 | $4.85 |
Weighted Average Grant Date Fair Value, Unvested RSUs Beginning of period | $5.21 | $5.49 |
Federal_Income_Taxes_Details_N
Federal Income Taxes (Details Narrative) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Increase in valuation allowance | $3,891 |
Percentage of valuation allowance recorded against the net deferred tax assets | 100.00% |
Net operating loss carryforwards | 206,364 |
Neutron Energy Inc [Member] | |
Net operating loss carryforwards | $32,826 |
Minimum [Member] | |
Operating loss carryforwards expiration year | 2018 |
Maximum [Member] | |
Operating loss carryforwards expiration year | 2034 |
Federal_Income_Taxes_Schedule_
Federal Income Taxes - Schedule of Components of Future Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $71,882 | $63,539 |
Mineral properties | 11,375 | 14,153 |
Equipment & Furniture | 133 | 127 |
Restoration Reserves | 1,360 | 1,303 |
Stock-based compensation | 199 | |
Derivatives | 37 | |
Deferred tax assets | 84,949 | 79,159 |
Valuation allowance | -82,435 | -78,544 |
Net | 2,514 | 615 |
Prepaids and other | 100 | 50 |
Deferred tax liabilities current | 100 | 50 |
Equipment & Furniture | -956 | |
Derivatives | -1,658 | -665 |
Deferred tax liabilities noncurrent | -2,614 | -665 |
Deferred tax liabilities | -2,514 | -615 |
Net deferred tax asset (liability) |
Federal_Income_Taxes_Schedule_1
Federal Income Taxes - Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Net loss | ($10,684) | ($20,294) |
Statutory tax rate | 34.00% | 34.00% |
Tax recovery at statutory rate | -3,633 | -6,900 |
Change in tax rates | 636 | |
Mineral property adjustments | 1,975 | -4,210 |
Stock based compensation | 12 | 416 |
Operating loss carryfoward adjustment | -2,251 | 636 |
Nondeductible write-offs | 6 | 126 |
Change in valuation allowance | 3,891 | 9,296 |
Income tax expense (recovery) | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) | 1 Months Ended | 12 Months Ended | 1 Months Ended |
Jul. 31, 2013 | Dec. 31, 2014 | Jul. 31, 2014 | |
lb | |||
Business acquisition purchase price description | The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U3O8 or less, or seven percent when greater than $56.50 per pound. | ||
Market price on sales contracts, per pound | 56.5 | ||
Sale of contracts | 3,000,000 | ||
Percentage of average spot price | 4.00% | ||
Minimum [Member] | |||
Percentage on published market prices | 5.00% | ||
Maximum [Member] | |||
Purchase on contracts | 3,000,000 | ||
Percentage on published market prices | 7.00% | ||
Itochu Corporation [Member] | |||
Acquisition amount on sales contracts | 510,000 | ||
U.S.A Inc [Member] | |||
Acquisition amount on sales contracts | 480,000 | ||
Texas Properties [Member] | |||
Contract price of sales contracts, per pound | 6 | ||
Sale of contracts | 600,000 |
Subsequent_Event_Details_Narra
Subsequent Event (Details Narrative) (Securities Purchase Agreement [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 06, 2015 |
Securities Purchase Agreement [Member] | Subsequent Event [Member] | |
Proceeds from issuance initial public offering | $6,000 |
Proceeds from agent's fees and estimated offering expenses | $5,400 |
Sales of common stock, shares | 4,000,000 |
Sale of common stock price per shares | $1.50 |
Issuance of warrant to purchases of common stock each unit consist of one shares | $0.55 |
Common stock exercise price per whole shares | $2 |
Warrant exercisable period at beginning | 5 years |
Warrant exercisable period at ending | 5 years |