Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | URANIUM RESOURCES INC /DE/ | |
Entity Central Index Key | 839470 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,777,989 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $8,381 | $5,570 |
Prepaid and other current assets | 1,056 | 863 |
Total Current Assets | 9,437 | 6,433 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 98,454 | 98,454 |
Less accumulated depreciation, depletion and impairment | -65,809 | -65,724 |
Net property, plant and equipment | 32,645 | 32,730 |
Restricted cash | 3,941 | 3,941 |
Total Assets | 46,023 | 43,104 |
Current Liabilities: | ||
Accounts payable | 636 | 796 |
Accrued liabilities | 1,812 | 1,680 |
Current portion of asset retirement obligations | 197 | 196 |
Total Current Liabilities | 2,645 | 2,672 |
Asset retirement obligations, net of current portion | 4,063 | 4,000 |
Convertible loan, net of discount - related party | 4,794 | 4,345 |
Other long-term liabilities and deferred credits | 950 | 950 |
Total Liabilities | 12,452 | 11,967 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 200,000,000 shares authorized, $.001 par value; Issued shares - 29,737,844 and 25,288,113, respectively Outstanding shares - 29,641,527 and 25,192,669, respectively | 30 | 25 |
Paid-in capital | 239,714 | 233,524 |
Accumulated deficit | -205,915 | -202,154 |
Less: Treasury stock (95,444 and 95,444 shares, respectively), at cost | -258 | -258 |
Total Stockholders' Equity | 33,571 | 31,137 |
Total Liabilities and Stockholders' Equity | $46,023 | $43,104 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 29,737,844 | 25,288,113 |
Common stock, shares outstanding | 29,641,527 | 25,192,669 |
Treasury stock, shares | 95,444 | 95,444 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Expenses: | ||
Mineral property expenses | ($809) | ($880) |
General and administrative | -2,095 | -2,642 |
Accretion of asset retirement obligations | -112 | -79 |
Depreciation and amortization | -85 | -101 |
Total operating expenses | -3,101 | -3,702 |
Non-Operating Income/(Expenses): | ||
Gain on derivatives | 654 | |
Interest expense | -675 | -414 |
Other income, net | 15 | 2 |
Total other income/(expense) | -660 | 242 |
Net Loss | ($3,761) | ($3,460) |
BASIC AND DILUTED LOSS PER SHARE | ($0.14) | ($0.15) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 26,555,432 | 22,358,558 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows and Supplemental Cash Flow Information (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net loss | ($3,761) | ($3,460) |
Reconciliation of net loss to cash used in operations: | ||
Accretion of asset retirement obligations | 112 | 79 |
Amortization of debt discount | 449 | 243 |
Amortization of convertible loan establishment fee | 25 | 25 |
Change in fair value of derivative liability | -654 | |
Costs incurred for restoration and reclamation activities | -48 | |
Depreciation and amortization | 85 | 101 |
Stock compensation expense | 454 | 309 |
Gain on disposal of property, plant and equipment | -18 | |
Effect of changes in operating working capital items: | ||
(Increase)/decrease in receivables | 12 | -245 |
Increase in prepaid and other current assets | -184 | -207 |
Increase in payables, accrued liabilities and deferred credits | 175 | 59 |
Net Cash Used In Operating Activities | -2,699 | -3,750 |
Cash Flows From Investing Activities: | ||
Proceeds from disposal of property, plant and equipment | 18 | |
Net Cash Provided By Investing Activities | 18 | |
Cash Flows From Financing Activities: | ||
Proceeds from convertible loan | 2,000 | |
Payments on borrowings | -4 | -4 |
Issuance of common stock, net | 5,619 | 11,249 |
Payment of minimum withholding taxes on net share settlements of equity awards | -123 | |
Net Cash Provided By Financing Activities | 5,492 | 13,245 |
Net increase in cash and cash equivalents | 2,811 | 9,495 |
Cash and cash equivalents, beginning of period | 5,570 | 1,117 |
Cash and Cash Equivalents, End of Period | 8,381 | 10,612 |
Cash paid during the period for: | ||
Interest | 6 | |
Supplemental Non-Cash Information With Respect to Investing and Financing Activities: | ||
Common stock issued for payment of convertible loan interest and fees | $199 | $363 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2014 | $25 | $233,524 | ($202,154) | ($258) | $31,137 |
Balance shares at Dec. 31, 2014 | 25,192,669 | ||||
Net loss | -3,761 | -3,761 | |||
Common stock and common stock purchase warrants issued, net of issuance costs | 5 | 5,660 | 5,665 | ||
Common stock and common stock purchase warrants issued, net of issuance costs, shares | 4,160,500 | ||||
Common stock issued for loan interest and fees | 199 | 199 | |||
Common stock issued for loan interest and fees, shares | 102,912 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 454 | 454 | |||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes, shares | 185,446 | ||||
Minimum withholding taxes on net share settlements of equity awards | -123 | -123 | |||
Balance at Mar. 31, 2015 | $30 | $239,714 | ($205,915) | ($258) | $33,571 |
Balance shares at Mar. 31, 2015 | 29,641,527 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated financial statements for Uranium Resources, Inc. (the “Company,” “we,” “us,” or “URI”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.’s 2014 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2015. | |
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. ASU 2014-15 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. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 2. PROPERTY, PLANT AND EQUIPMENT | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Net book value | Net book value | ||||||||
Uranium plant | $ | 8,894 | $ | 8,921 | |||||
Mineral rights and properties | 22,063 | 22,063 | |||||||
Vehicles | 244 | 264 | |||||||
Other property, plant and equipment | 1,444 | 1,482 | |||||||
Total | $ | 32,645 | $ | 32,730 |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 3. DEBT | ||||||||
On November 13, 2013, the Company 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, which was subsequently amended on April 29, 2014 to reduce the amount available thereunder from $15,000 to $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 10% per annum, payable quarterly in arrears in shares of the Company’s common stock or, at RCF’s election, in cash. The number of shares to be issued as payment for interest 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. Accordingly, the Company issued 102,912 shares of common stock on January 5, 2015 for settlement of interest expense of $199 related to the three-month period ended December 31, 2014. | |||||||||
As of March 31, 2015, interest expense of $201 relating to the three-month period ended March 31, 2015 was included in accrued liabilities on the Company’s Consolidated Balance Sheets. | |||||||||
The following table represents the key components of our convertible loan: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Debt principal | 8,000 | 8,000 | |||||||
Unamortized discount | (3,206 | ) | (3,655 | ) | |||||
Carrying value of convertible loan, end of period | 4,794 | $ | 4,345 | ||||||
For the three-month period ended March 31, 2015, the Company recorded amortization of the debt discount of $449, which has been included in interest expense in the Company’s Condensed Consolidated Statements of Operations. | |||||||||
RCF may convert amounts drawn under the Loan Agreement into shares of the Company’s common stock at any time prior to maturity on December 31, 2016. The conversion price is set at $2.60 per share. As of May 12, 2015, RCF owned 7,059,243 shares or 23.7% 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 30.9%. |
Minerals_Property_Expenditures
Minerals Property Expenditures | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Minerals Property Expenditures | |||||||||
Minerals Property Expenditures | 4. MINERAL PROPERTY EXPENDITURES | ||||||||
Mineral property expenditures for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
For the three months ending March 31, | |||||||||
2015 | 2014 | ||||||||
Restoration/Recovery expenses | |||||||||
Kingsville Dome Project | $ | - | $ | 247 | |||||
Rosita Project | 9 | 2 | |||||||
Vasquez Project | - | 27 | |||||||
Total restoration/recovery expenses | 9 | 276 | |||||||
Standby care and maintenance expenses | |||||||||
Kingsville Dome Project | 128 | 135 | |||||||
Rosita Project | 94 | 161 | |||||||
Vasquez Project | 89 | 72 | |||||||
Total standby care and maintenance expenses | 311 | 368 | |||||||
Exploration and evaluation costs | 220 | - | |||||||
Land maintenance and holding costs | 269 | 236 | |||||||
Total mineral property expenses | $ | 809 | $ | 880 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligations | 5. ASSET RETIREMENT OBLIGATIONS | ||||||||
The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Balance, beginning of period | $ | 4,196 | $ | 3,834 | |||||
Changes in cash flow estimates | - | 136 | |||||||
Costs incurred | (48 | ) | (199 | ) | |||||
Accretion expense | 112 | 425 | |||||||
Balance, end of period | 4,260 | 4,196 | |||||||
Less: Current portion | (197 | ) | (196 | ) | |||||
Non-current Portion | $ | 4,063 | $ | 4,000 | |||||
The Company is currently performing plugging and abandonment activities at its Rosita project. The Company’s current liability of $197 consists of the estimated costs associated with current plugging and abandonment activities and planned surface reclamation activities through March 2016 at the Company’s Rosita project. |
Common_Stock
Common Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Common Stock | 6. COMMON STOCK |
Common Stock Issued, Net of Issuance Costs | |
Registered Direct Offering | |
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 offering expenses were $5,389. 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 the original issuance and ending on a date that is 5 years after the first date of exercisability. | |
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 amount 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 three months ended March 31, 2015 the Company sold 160,500 shares of common stock for net proceeds of $276 under the ATM Sales Agreement. As of May 12, 2015, approximately $6,000 of the aggregate $15,000 remained available for future sales under the ATM Sales Agreement. | |
Common Stock Issued for Loan Interest and Fees | |
As discussed in Note 3 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the Loan Agreement. For the three months ended March 31, 2015, the Company issued 102,912 common shares for the payment of $199 in accrued interest and fees for the three months ended December 31, 2014. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | 7. STOCK-BASED COMPENSATION | ||||||||||||||||
Stock-based compensation awards consist of stock options, restricted stock units and restricted stock awards issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); the 2004 Stock Incentive Plan (the “2004 Plan”); and the 1995 Stock Incentive Plan (the “1995 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. As of March 31, 2015, 503,452 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2015 and 2014, the Company recorded stock-based compensation expense of $454 and $309, respectively, which has been included in general and administrative expense. | |||||||||||||||||
Bonus Shares | |||||||||||||||||
In March 2015, in accordance with the Company’s short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company. The bonus shares vested immediately and had a fair value of $283 which was determined using the closing share price of the Company’s common stock on the date of grant. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2015 and 2014: | |||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Number of | Average | Number of | Average | ||||||||||||||
stock options | Exercise Price | stock options | Exercise Price | ||||||||||||||
Stock options outstanding at beginning of period | 160,748 | $ | 19.75 | 309,479 | $ | 19.75 | |||||||||||
Expired | (2,500 | ) | 32.9 | - | - | ||||||||||||
Canceled or forfeited | - | - | - | - | |||||||||||||
Stock options outstanding at end of period | 158,248 | $ | 25.06 | 309,479 | $ | 19.75 | |||||||||||
Stock options exercisable at end of period | 132,417 | $ | 29.25 | 256,656 | $ | 23.04 | |||||||||||
The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2015: | |||||||||||||||||
Outstanding Options | Options Exercisable | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Options | Average | Options | Average | ||||||||||||||
Stock Option Plan | Outstanding | Exercise Price | Exercisable | Exercise Price | |||||||||||||
1995 Stock Incentive Plan | 8,750 | $ | 31.2 | 8,750 | $ | 31.2 | |||||||||||
2004 Stock Incentive Plan | 69,500 | 10.1 | 51,167 | 12.74 | |||||||||||||
2004 Director’s Plan | 74,998 | 39.68 | 71,250 | 41.32 | |||||||||||||
2013 Omnibus Incentive Plan | 5,000 | 2.99 | 1,250 | 2.99 | |||||||||||||
158,248 | $ | 25.06 | 132,417 | $ | 29.25 | ||||||||||||
Total estimated unrecognized compensation cost from unvested stock options as of March 31, 2015 was approximately $72, which is expected to be recognized over a weighted-average period of 1.3 years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Time-based and performance-based restricted stock units (“RSUs”) are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. | |||||||||||||||||
The following table summarizes RSU activity for the three-month periods ended March 31, 2015 and 2014: | |||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Number of | Average Grant | Number of | Average Grant | ||||||||||||||
restricted | Date Fair | restricted | Date Fair | ||||||||||||||
stock units | Value | stock units | Value | ||||||||||||||
Unvested RSUs at beginning of period | 544,810 | $ | 2.84 | 280,000 | $ | 3.31 | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | |||||||||||||
Vested | (63,496 | ) | 2.73 | (33,333 | ) | 2.83 | |||||||||||
Unvested RSUs at end of period | 481,314 | $ | 2.86 | 246,667 | $ | 3.37 | |||||||||||
Total estimated unrecognized compensation cost from unvested RSUs as of March 31, 2015 was approximately $947, which is expected to be recognized over a weighted-average period of 1.74 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Time-based and performance-based restricted stock awards (“RSAs”) are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings. | |||||||||||||||||
The following table summarizes RSA activity for the three-month periods ended March 31, 2015 and 2014: | |||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Number of | Grant Date | Number of | Grant Date | ||||||||||||||
RSAs | Fair Value | RSAs | Fair Value | ||||||||||||||
Unvested RSAs at beginning of period | 26,670 | $ | 5.21 | 54,151 | $ | 5.49 | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | (1,851 | ) | 2.73 | ||||||||||||
Vested | (2,778 | ) | 2.73 | (11,482 | ) | 2.73 | |||||||||||
Unvested RSAs at end of period | 23,892 | $ | 5.5 | 40,818 | $ | 6.39 | |||||||||||
The total estimated unrecognized compensation cost from the unvested RSA grants at March 31, 2015 was $21, which is expected to be recognized over the weighted-average vesting period of 0.79 years. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. EARNINGS PER SHARE |
Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Potentially dilutive shares of 5,916,485 were excluded from the calculation of earnings per share because the effect on the basic loss per share would be anti-dilutive due to our net loss position for the quarter ended March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES |
The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws frequently change and generally become more restrictive. The ongoing costs of complying with such regulations have not been significant to the Company’s annual operating costs. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of-production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on the Company’s accrual for costs. The Company believes its operations are in substantial compliance with current federal and state environmental regulations. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | 31-Mar-15 | 31-Dec-14 | |||||||
Net book value | Net book value | ||||||||
Uranium plant | $ | 8,894 | $ | 8,921 | |||||
Mineral rights and properties | 22,063 | 22,063 | |||||||
Vehicles | 244 | 264 | |||||||
Other property, plant and equipment | 1,444 | 1,482 | |||||||
Total | $ | 32,645 | $ | 32,730 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Convertible Loan | The following table represents the key components of our convertible loan: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Debt principal | 8,000 | 8,000 | |||||||
Unamortized discount | (3,206 | ) | (3,655 | ) | |||||
Carrying value of convertible loan, end of period | 4,794 | $ | 4,345 |
Minerals_Property_Expenditures1
Minerals Property Expenditures (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Minerals Property Expenditures | |||||||||
Schedule of Minerals Property Expenditures | Mineral property expenditures for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
For the three months ending March 31, | |||||||||
2015 | 2014 | ||||||||
Restoration/Recovery expenses | |||||||||
Kingsville Dome Project | $ | - | $ | 247 | |||||
Rosita Project | 9 | 2 | |||||||
Vasquez Project | - | 27 | |||||||
Total restoration/recovery expenses | 9 | 276 | |||||||
Standby care and maintenance expenses | |||||||||
Kingsville Dome Project | 128 | 135 | |||||||
Rosita Project | 94 | 161 | |||||||
Vasquez Project | 89 | 72 | |||||||
Total standby care and maintenance expenses | 311 | 368 | |||||||
Exploration and evaluation costs | 220 | - | |||||||
Land maintenance and holding costs | 269 | 236 | |||||||
Total mineral property expenses | $ | 809 | $ | 880 |
Assets_Retirement_Obligations_
Assets Retirement Obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Summary of Asset Retirement Obligation | The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Balance, beginning of period | $ | 4,196 | $ | 3,834 | |||||
Changes in cash flow estimates | - | 136 | |||||||
Costs incurred | (48 | ) | (199 | ) | |||||
Accretion expense | 112 | 425 | |||||||
Balance, end of period | 4,260 | 4,196 | |||||||
Less: Current portion | (197 | ) | (196 | ) | |||||
Non-current Portion | $ | 4,063 | $ | 4,000 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Options Outstanding | The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2015 and 2014: | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Number of | Average | Number of | Average | ||||||||||||||
stock options | Exercise Price | stock options | Exercise Price | ||||||||||||||
Stock options outstanding at beginning of period | 160,748 | $ | 19.75 | 309,479 | $ | 19.75 | |||||||||||
Expired | (2,500 | ) | 32.9 | - | - | ||||||||||||
Canceled or forfeited | - | - | - | - | |||||||||||||
Stock options outstanding at end of period | 158,248 | $ | 25.06 | 309,479 | $ | 19.75 | |||||||||||
Stock options exercisable at end of period | 132,417 | $ | 29.25 | 256,656 | $ | 23.04 | |||||||||||
Summary of Stock Options Outstanding and Exercisable by Stock option plan | The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2015: | ||||||||||||||||
Outstanding Options | Options Exercisable | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Options | Average | Options | Average | ||||||||||||||
Stock Option Plan | Outstanding | Exercise Price | Exercisable | Exercise Price | |||||||||||||
1995 Stock Incentive Plan | 8,750 | $ | 31.2 | 8,750 | $ | 31.2 | |||||||||||
2004 Stock Incentive Plan | 69,500 | 10.1 | 51,167 | 12.74 | |||||||||||||
2004 Director’s Plan | 74,998 | 39.68 | 71,250 | 41.32 | |||||||||||||
2013 Omnibus Incentive Plan | 5,000 | 2.99 | 1,250 | 2.99 | |||||||||||||
158,248 | $ | 25.06 | 132,417 | $ | 29.25 | ||||||||||||
Summary of Status of Non-Vested Restricted Shares | The following table summarizes RSU activity for the three-month periods ended March 31, 2015 and 2014: | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Number of | Average Grant | Number of | Average Grant | ||||||||||||||
restricted | Date Fair | restricted | Date Fair | ||||||||||||||
stock units | Value | stock units | Value | ||||||||||||||
Unvested RSUs at beginning of period | 544,810 | $ | 2.84 | 280,000 | $ | 3.31 | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | |||||||||||||
Vested | (63,496 | ) | 2.73 | (33,333 | ) | 2.83 | |||||||||||
Unvested RSUs at end of period | 481,314 | $ | 2.86 | 246,667 | $ | 3.37 | |||||||||||
Summary of Restricted Stock Awards | The following table summarizes RSA activity for the three-month periods ended March 31, 2015 and 2014: | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Number of | Grant Date | Number of | Grant Date | ||||||||||||||
RSAs | Fair Value | RSAs | Fair Value | ||||||||||||||
Unvested RSAs at beginning of period | 26,670 | $ | 5.21 | 54,151 | $ | 5.49 | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | (1,851 | ) | 2.73 | ||||||||||||
Vested | (2,778 | ) | 2.73 | (11,482 | ) | 2.73 | |||||||||||
Unvested RSAs at end of period | 23,892 | $ | 5.5 | 40,818 | $ | 6.39 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property plant and equipment balances, net | $32,645 | $32,730 |
Uranium Plant [Member] | ||
Property plant and equipment balances, net | 8,894 | 8,921 |
Mineral Rights and Properties [Member] | ||
Property plant and equipment balances, net | 22,063 | 22,063 |
Vehicles [Member] | ||
Property plant and equipment balances, net | 244 | 264 |
Other Property Plant and Equipment [Member] | ||
Property plant and equipment balances, net | $1,444 | $1,482 |
Debt_Details_Narrative
Debt (Details Narrative) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 05, 2015 | Dec. 31, 2014 | Apr. 29, 2014 | Nov. 13, 2013 |
Line of Credit Facility [Line Items] | ||||||
Interest expense | $675 | $414 | ||||
Common stock, shares outstanding | 29,641,527 | 25,192,669 | ||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt maturity date | 31-Dec-16 | |||||
Interest expense | 201 | |||||
Debt conversation price per shares | $2.60 | |||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt maturity date | 31-Dec-16 | |||||
Debt interest rate | 10.00% | |||||
Issuance of common stock for settlement of interest expenses, shares | 102,912 | 102,912 | ||||
Issuance of common stock for settlement of interest expenses | 199 | |||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | May 12, 2015 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Common stock, shares outstanding | 7,059,243 | |||||
Percentage of outstanding common stock | 23.70% | |||||
Resource Capital Fund V LP [Member] | Loan Agreement [Member] | May 31, 2015 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt conversation amount | 8,000 | |||||
Issuance of common stock, shares | 3,076,923 | |||||
Resource Capital Fund V LP [Member] | Maximum [Member] | Loan Agreement [Member] | May 31, 2015 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage of outstanding common stock | 30.90% | |||||
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 |
Debt_Summary_of_Convertible_Lo
Debt - Summary of Convertible Loan (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Debt principal | $8,000 | $8,000 |
Unamortized discount | -3,206 | -3,655 |
Carrying value of convertible loan, end of period | $4,794 | $4,345 |
Minerals_Property_Expenditures2
Minerals Property Expenditures - Schedule of Minerals Property Expenditures (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Total restoration/recovery expenses | $9 | $276 |
Total standby care and maintenance expenses | 311 | 368 |
Exploration and evaluation costs | 220 | |
Land maintenance and holding costs | 269 | 236 |
Total Mineral property expenses | 809 | 880 |
Kingsville Dome Project [Member] | ||
Total restoration/recovery expenses | 247 | |
Total standby care and maintenance expenses | 128 | 135 |
Rosita Project [Member] | ||
Total restoration/recovery expenses | 9 | 2 |
Total standby care and maintenance expenses | 94 | 161 |
Vasquez Project [Member] | ||
Total restoration/recovery expenses | 27 | |
Total standby care and maintenance expenses | $89 | $72 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details Narrative) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation current | $197 | $196 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations - Summary of Asset Retirement Obligation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance, beginning of period | $4,196 | $3,834 | $3,834 |
Changes in cash flow estimates | 136 | ||
Costs incurred | -48 | -199 | |
Accretion expense | 112 | 79 | 425 |
Balance, end of period | 4,260 | 4,196 | |
Less: Current portion | -197 | -196 | |
Non-current Portion | $4,063 | $4,000 |
Common_Stock_Details_Narrative
Common Stock (Details Narrative) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 06, 2015 | Jan. 05, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 02, 2014 | Oct. 31, 2011 |
Securities Purchase Agreement [Member] | ||||||
Proceeds from direct offering | $6,000 | |||||
Proceeds from agent's fees and offering expenses | 5,389 | |||||
Sale of common stock, units | 4,000,000 | |||||
Sale of common stock price per unit | $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 | |||||
Loan Agreement [Member] | Resource Capital Fund V LP [Member] | ||||||
Issuance of common stock for settlement of interest expenses, shares | 102,912 | 102,912 | ||||
Issuance of common stock for settlement of interest expenses | 199 | |||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | ||||||
Proceeds from direct offering | 4,100 | 15,000 | ||||
Sale of common stock, units | 160,500 | |||||
Percentage of commission to be paid on gross proceeds | 3.00% | |||||
Proceeds from sales of common stock | 276 | |||||
BTIG, LLC [Member] | ATM Sales Agreement [Member] | May 12, 2015 [Member] | ||||||
Proceeds from sales of common stock | 6,000 | |||||
Proceeds from future sale of equity | 15,000 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $454 | $309 | $309 | |
Short-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Bonus shares vested grant date fair value | $283 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost from unvested stock options | 72 | |||
Weighted average period of unvested stock options | 1 year 3 months 18 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost from unvested stock options | 947 | |||
Weighted average period of unvested stock options | 1 year 8 months 27 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost from unvested stock options | $21 | |||
Weighted average period of unvested stock options | 9 months 15 days | |||
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 | 503,452 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Stock Options Outstanding (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outanding, Beginning of period | 160,748 | 309,479 |
Number of stock options outanding, Expired | -2,500 | |
Number of stock options outanding, Canceled or forfeited | ||
Number of stock options outanding, End of period | 158,248 | 309,479 |
Number of stock options outanding, Exercisable | 132,417 | 256,656 |
Weighted average exercise price, Beginning of period | $19.75 | $19.75 |
Weighted average exercise price, Expired | $32.90 | |
Weighted average exercise price, Canceled or forfeited | ||
Weighted average exercise price, End of period | $25.06 | $19.75 |
Weighted average exercise price, Exercisable | $29.25 | $23.04 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Outstanding Options, Number of Options Outstanding | 158,248 | 160,748 | 309,479 | 309,479 |
Outstanding Options, Weighted Average Exercise Price | $25.06 | $19.75 | $19.75 | $19.75 |
Options Exercisable, Number of Options Exercisable | 132,417 | 256,656 | ||
Options Exercisable, Weighted Average Exercise Price | $29.25 | $23.04 | ||
1995 Stock Incentive Plan [Member] | ||||
Outstanding Options, Number of Options Outstanding | 8,750 | |||
Outstanding Options, Weighted Average Exercise Price | $31.20 | |||
Options Exercisable, Number of Options Exercisable | 8,750 | |||
Options Exercisable, Weighted Average Exercise Price | $31.20 | |||
2004 Stock Incentive Plan [Member] | ||||
Outstanding Options, Number of Options Outstanding | 69,500 | |||
Outstanding Options, Weighted Average Exercise Price | $10.10 | |||
Options Exercisable, Number of Options Exercisable | 51,167 | |||
Options Exercisable, Weighted Average Exercise Price | $12.74 | |||
2004 Director's Plan [Member] | ||||
Outstanding Options, Number of Options Outstanding | 74,998 | |||
Outstanding Options, Weighted Average Exercise Price | $39.68 | |||
Options Exercisable, Number of Options Exercisable | 71,250 | |||
Options Exercisable, Weighted Average Exercise Price | $41.32 | |||
2013 Omnibus Incentive Plan [Member] | ||||
Outstanding Options, Number of Options Outstanding | 5,000 | |||
Outstanding Options, Weighted Average Exercise Price | $2.99 | |||
Options Exercisable, Number of Options Exercisable | 1,250 | |||
Options Exercisable, Weighted Average Exercise Price | $2.99 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Status of Non-Vested Restricted Shares (Details) (Restricted Stock [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock [Member] | ||
Number of restricted stock, Unvested Beginning of period | 544,810 | 280,000 |
Number of restricted stock, Granted | ||
Number of restricted stock, Forfeited | ||
Number of restricted stock, Vested | -63,496 | -33,333 |
Number of restricted stock, Unvested End of period | 481,314 | 246,667 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $2.84 | $3.31 |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Forfeited | ||
Weighted Average Grant Date Fair Value, Vested | $2.73 | $2.83 |
Weighted Average Grant Date Fair Value, Unvested End of period | $2.86 | $3.37 |
Stock_Based_Compensation_Summa2
Stock Based Compensation - Summary of Restricted Stock Awards (Details) (Restricted Stock Awards [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock Awards [Member] | ||
Number of restricted stock, Unvested Beginning of period | 26,670 | 54,151 |
Number of restricted stock, Granted | ||
Number of restricted stock, Forfeited | -1,851 | |
Number of restricted stock, Vested | -2,778 | -11,482 |
Number of restricted stock, Unvested End of period | 23,892 | 40,818 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $5.21 | $5.49 |
Weighted Average Grant Date Fair Value, Granted | ||
Weighted Average Grant Date Fair Value, Forfeited | $2.73 | |
Weighted Average Grant Date Fair Value, Vested | $2.73 | $2.73 |
Weighted Average Grant Date Fair Value, Unvested End of period | $5.50 | $6.39 |
Earnings_Per_Share_Details_Nar
Earnings Per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Potentially dilutive shares were excluded from the calculation of earnings per share | 5,916,485 |