Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Mar. 09, 2013 | Jun. 29, 2012 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'URANIUM RESOURCES INC /DE/ | ' | ' |
Entity Central Index Key | '0000839470 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-12 | ' | ' |
Amendment Flag | 'true | ' | ' |
Amendment Description | ' As previously disclosed in a Current Report on Form 8-K filed on November 19, 2013, Uranium Resources, Inc. (the “Company,†“URI,†“we,†“us†or “ourâ€) historically capitalized development costs after confirmation of the existence of a commercially minable uranium deposit. After discussions with the Staff of the United States Securities and Exchange Commission (the “SECâ€), URI management determined that the Company’s capitalization practices were not in conformance with the SEC’s Industry Guide 7, which allows capitalization of development costs only after proven or probable reserves have been declared. This Amendment No. 1 on Form 10-K/A (the “Amendment†or “Form 10-K/Aâ€) amends and restates the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as originally filed with the SEC on March 18, 2013 (the “Original Form 10-Kâ€). This Amendment amends and restates the Company’s consolidated financial statements and related disclosures as of December 31, 2011 and 2012 and for the years ended December 31, 2010, 2011 and 2012 (including restated financial information as of and for the interim periods contained therein) by reclassifying approximately $9.0 million of costs, approximately $3.9 million of which were recorded before 2010, from property, plant and equipment to mineral property expenses. The impact of the restatement is more fully described in Note 2 to the consolidated financial statements contained in this Amendment. As a result of the restatement, management has re-evaluated and amended its conclusions regarding the Company’s disclosure controls and procedures and internal control over financial reporting as contained in Item 9A of Part II. In addition, URI management has also determined, consistent with Industry Guide 7, to disclose mineralized material in terms of tons and grade only in its filings with the SEC. Accordingly, the Company will no longer disclose pounds of mineralized uranium material contained in the ground, and this Amendment removes all such disclosure. The Company has also expanded its property disclosure in response to comments from the Staff of the SEC. The following items of the Original Form 10-K have been modified or revised in this Form 10-K/A to reflect the restatement and other changes identified above: Part I, Item 1. “Businessâ€; Part I, Item 2. “Propertiesâ€; Part II, Item 6. “Selected Financial Dataâ€; Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operationsâ€; Part II, Item 8. “Financial Statements and Supplementary Dataâ€; Part II, Item 9A. “Controls and Proceduresâ€; and Part IV, Item 15. “Exhibits and Financial Statement Schedulesâ€. The Company’s principal executive officer and principal financial officer have also provided currently dated certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 in connection with this Amendment. This Amendment sets forth the Original Form 10-K in its entirety, except as required to reflect the effects of the restatement and other changes identified above. Except for disclosures affected by the restatement and other changes, this Amendment speaks as of the original filing date of the Original Form 10-K and does not modify or update other disclosures in the Original Form 10-K, including the nature and character of such disclosures, to reflect events occurring or items discovered after the original filing date of the Original Form 10-K. This Amendment should be read in conjunction with the Company’s filings made with the SEC subsequent to the original filing date of the Original Form 10-K, together with any amendments to those filings, including the Company’s amended Quarterly Reports on Form 10-Q/A for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013, as filed with the SEC on December 17, 2013. | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $66,002,000 |
Entity Common Stock, Shares Outstanding | ' | 19,773,334 | ' |
Document Fiscal Year Focus | '2012 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Current Assets: | ' | ' |
Cash and cash equivalents | $4,664,596 | $2,890,263 |
Prepaid and other current assets | 708,228 | 288,845 |
Total Current Assets | 5,372,824 | 3,179,108 |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment | 100,058,667 | 78,399,466 |
Less accumulated depreciation, depletion and impairment | -65,318,921 | -64,791,294 |
Net property, plant and equipment | 34,739,746 | 13,608,172 |
Certificates of deposit, restricted | 9,491,865 | 9,379,794 |
Total Assets | 49,604,435 | 26,167,074 |
Current Liabilities: | ' | ' |
Accounts payable | 1,331,888 | 1,148,812 |
Accrued liabilities | 1,525,726 | 1,039,833 |
Note payable | 5,000,000 | ' |
Current portion of asset retirement obligations | 1,160,378 | 1,227,125 |
Current portion of capital leases | 112,140 | 65,161 |
Total Current Liabilities | 9,130,132 | 3,480,931 |
Other long-term liabilities and deferred credits | 3,837,679 | 4,008,634 |
Long-term debt | 450,000 | 450,000 |
Long-term capital leases, less current portion | 17,582 | 54,071 |
Total Liabilities | 13,435,393 | 7,993,636 |
Commitments and contingencies (Notes 3, 4, 7 and 13) | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock, 200,000,000 shares authorized, $.001 par value; 16,150,163 and 9,400,501shares issued and outstanding, respectively | 16,154 | 9,404 |
Paid-in capital | 207,338,549 | 169,988,842 |
Accumulated deficit | -171,176,243 | -151,815,390 |
Less: Treasury stock (3,813 shares), at cost | -9,418 | -9,418 |
Total Shareholders' Equity | 36,169,042 | 18,173,438 |
Total Liabilities and Shareholders' Equity | $49,604,435 | $26,167,074 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 16,150,163 | 9,400,501 |
Common stock, shares outstanding | 16,150,163 | 9,400,501 |
Treasury stock, shares at cost | 3,813 | 3,813 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Cost of uranium sales: | ' | ' | ' |
Operating expenses | $2,564,827 | $648,278 | $394,763 |
Mineral property expenses | 4,229,338 | -115,637 | 1,450,798 |
Accretion/amortization of asset retirement obligations | 85,181 | 121,183 | 155,943 |
Depreciation and depletion | 396,246 | 599,504 | 756,377 |
Impairment of uranium properties | 1,737,359 | 1,460,170 | 961,278 |
Total cost of uranium sales | 9,012,951 | 2,713,498 | 3,719,159 |
Loss from operations before corporate expenses | -9,012,951 | -2,713,498 | -3,719,159 |
Corporate expenses: | ' | ' | ' |
General and administrative (includes stock compensation expense of $427,000, $884,000 and $1,032,000 in 2012, 2011 and 2010, respectively) | 10,399,084 | 8,400,955 | 8,286,672 |
Depreciation | 160,747 | 127,741 | 143,361 |
Total corporate expenses | 10,559,831 | 8,528,696 | 8,430,033 |
Loss from operations | -19,572,782 | -11,242,194 | -12,149,192 |
Other income and expense: | ' | ' | ' |
Interest expense | -50,880 | -18,968 | -25,362 |
Interest and other income, net | 262,809 | 195,320 | 370,835 |
Net loss | ($19,360,853) | ($11,065,842) | ($11,803,719) |
Basic and diluted net loss per common share (in dollars per share) | ($1.58) | ($1.18) | ($1.63) |
Average weighted shares outstanding (in shares) | 12,237,349 | 9,348,053 | 7,231,346 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
General and administrative, stock compensation expense | $427,000 | $884,000 | $1,032,000 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Paid-In Capital | Accumulated Deficit | Treasury Stock |
Balances at Dec. 31, 2009 (Previously reported) | ' | $5,682 | $147,888,342 | ($125,023,571) | ($9,418) |
Balances (Prior period adjustments) | ' | ' | ' | -3,922,258 | ' |
Balances at Dec. 31, 2009 | ' | 5,682 | 147,888,342 | -128,945,829 | -9,418 |
Balances (in shares) at Dec. 31, 2009 (Previously reported) | ' | 5,678,179 | ' | ' | ' |
Balances (in shares) at Dec. 31, 2009 | ' | 5,678,179 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net loss (Restated) | -11,803,719 | ' | ' | -11,803,719 | ' |
Net loss (Restated) at Jan. 01, 2010 (Previously reported) | -10,354,567 | ' | ' | ' | ' |
Net loss (Restated) (Prior period adjustments) | -1,449,152 | ' | ' | ' | ' |
Restricted common stock issued for services | 28 | 28 | -28 | ' | ' |
Restricted common stock issued for services (in shares) | ' | 28,207 | ' | ' | ' |
Common stock issuance for stock option exercise | ' | ' | 808 | ' | ' |
Common stock issuance for stock option exercise (in shares) | ' | 112 | ' | ' | ' |
Stock Compensation Expense | ' | ' | 1,032,308 | ' | ' |
Common stock issuance | ' | 3,537 | 19,133,746 | ' | ' |
Common stock issuance (in shares) | ' | 3,536,533 | ' | ' | ' |
Balances at Dec. 31, 2010 (Previously reported) | 32,676,867 | ' | ' | ' | ' |
Balances (Prior period adjustments) | -5,371,410 | ' | ' | ' | ' |
Balances at Dec. 31, 2010 | 27,305,457 | 9,247 | 168,055,176 | -140,749,548 | -9,418 |
Balances (in shares) at Dec. 31, 2010 | ' | 9,243,031 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net loss (Restated) | -11,065,842 | ' | ' | -11,065,842 | ' |
Net loss (Restated) at Jan. 01, 2011 (Previously reported) | -11,199,397 | ' | ' | ' | ' |
Net loss (Restated) (Prior period adjustments) | 133,555 | ' | ' | ' | ' |
Common stock issuance for deferred compensation | 697,027 | 88 | 696,939 | ' | ' |
Common stock issuance for deferred compensation (in shares) | ' | 88,502 | ' | ' | ' |
Restricted common stock issued for services | 17 | 17 | -17 | ' | ' |
Restricted common stock issued for services (in shares) | ' | 17,589 | ' | ' | ' |
Common stock issuance for stock option exercise | ' | 4 | 28,230 | ' | ' |
Common stock issuance for stock option exercise (in shares) | ' | 3,715 | ' | ' | ' |
Stock Compensation Expense | ' | ' | 883,941 | ' | ' |
Common stock issuance | ' | 48 | 324,573 | ' | ' |
Common stock issuance (in shares) | ' | 47,664 | ' | ' | ' |
Balances at Dec. 31, 2011 (Previously reported) | 23,411,293 | ' | ' | ' | ' |
Balances (Prior period adjustments) | -5,237,855 | ' | ' | ' | ' |
Balances at Dec. 31, 2011 | 18,173,438 | 9,404 | 169,988,842 | -151,815,390 | -9,418 |
Balances (in shares) at Dec. 31, 2011 | 9,400,501 | 9,400,501 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net loss (Restated) | -19,360,853 | ' | ' | -19,360,853 | ' |
Net loss (Restated) at Jan. 01, 2012 (Previously reported) | -15,624,373 | ' | ' | ' | ' |
Net loss (Restated) (Prior period adjustments) | -3,736,480 | ' | ' | ' | ' |
Common stock issuance for loan origination fees | 160,000 | 43 | 159,957 | ' | ' |
Common stock issuance for loan origination fees (in shares) | ' | 42,884 | ' | ' | ' |
Restricted common stock issued for services | 39 | 39 | -39 | ' | ' |
Restricted common stock issued for services (in shares) | ' | 39,060 | ' | ' | ' |
Stock Compensation Expense | ' | ' | 427,292 | ' | ' |
Common stock issuance | ' | 2,968 | 20,261,724 | ' | ' |
Common stock issuance (in shares) | ' | 2,967,716 | ' | ' | ' |
Issuance of common stock to acquire Neutron Energy, Inc. | 16,577,000 | 3,700 | 16,500,773 | ' | ' |
Issuance of common stock to acquire Neutron Energy, Inc. (in shares) | ' | 3,700,002 | ' | ' | ' |
Balances at Dec. 31, 2012 (Previously reported) | 45,143,377 | ' | ' | ' | ' |
Balances (Prior period adjustments) | -8,974,335 | ' | ' | ' | ' |
Balances at Dec. 31, 2012 | $36,169,042 | $16,154 | $207,338,549 | ($171,176,243) | ($9,418) |
Balances (in shares) at Dec. 31, 2012 | 16,150,163 | 16,150,163 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating activities: | ' | ' | ' |
Net loss | ($19,360,853) | ($11,065,842) | ($11,803,719) |
Reconciliation of net loss to cash used in operations: | ' | ' | ' |
Accretion/amortization of asset retirement obligations | 85,181 | 121,183 | 155,943 |
Depreciation and depletion | 556,993 | 727,245 | 899,738 |
Impairment of uranium properties | 1,737,359 | 1,460,170 | 961,278 |
Decrease in restoration and reclamation accrual | -1,767,289 | -1,530,303 | -1,373,228 |
Stock compensation expense | 427,292 | 883,941 | 1,032,308 |
Other non-cash items, net | 73,932 | 2,289 | 19,700 |
Effect of changes in operating working capital items: | ' | ' | ' |
(Increase) decrease in receivables | -148,465 | -77,092 | 17,646 |
(Increase) decrease in prepaid and other current assets | -88,578 | 13,722 | -53,831 |
Increase (decrease) in payables, accrued liabilities and deferred credits | -116,223 | -802,560 | 1,334,939 |
Net cash used in operating activities | -18,600,651 | -10,267,247 | -8,809,226 |
Cash flows from investing activities: | ' | ' | ' |
(Increase) decrease in certificates of deposit, restricted | 161,834 | -2,042,428 | -551,366 |
Additions to uranium properties | -1,278,745 | -455,850 | -365,385 |
Acquisition of Neutron Energy, Inc. | -3,677,133 | ' | ' |
Net cash used in investing activities | -4,794,044 | -2,498,278 | -916,751 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from notes payable | 5,000,000 | ' | ' |
Payments on borrowings | -95,664 | -83,539 | -117,710 |
Issuance of common stock, net | 20,264,692 | 352,855 | 19,138,091 |
Net cash provided by financing activities | 25,169,028 | 269,316 | 19,020,381 |
Net increase (decrease) in cash and cash equivalents | 1,774,333 | -12,496,209 | 9,294,404 |
Cash and cash equivalents, beginning of year | 2,890,263 | 15,386,472 | 6,092,068 |
Cash and cash equivalents, end of year | 4,664,596 | 2,890,263 | 15,386,472 |
Cash paid during the year for : | ' | ' | ' |
Interest | 14,100 | 19,000 | 25,400 |
Non-cash transactions: | ' | ' | ' |
Common stock issued to acquire Neutron Energy, Inc. | 16,577,000 | ' | ' |
Common stock issuance for loan origination fees | 160,000 | ' | ' |
Capital lease additions | 106,200 | ' | ' |
Common stock issuance for deferred compensation | ' | 697,027 | ' |
Restricted stock issued for services | 39 | 17 | 28 |
Restricted stock issuance for cash conservation plan | ' | ' | $106,500 |
DESCRIPTION_OF_THE_COMPANY
DESCRIPTION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2012 | |
DESCRIPTION OF THE COMPANY | ' |
DESCRIPTION OF THE COMPANY | ' |
1. DESCRIPTION OF THE COMPANY | |
Uranium Resources Inc. (“URI”) was formed in 1977 and domesticated in Delaware in 1987. The Company explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas where the Company currently has ISR mining projects, including two licensed processing facilities. URI also has 206,600 acres of uranium mineral holdings in New Mexico and a NRC license to produce up to 3 million pounds of uranium per year on certain of its New Mexico projects. The Company acquired these properties over the past 20 years along with an extensive information database of historic mining logs and analysis. None of URI’s properties is currently in production. | |
URI’s strategy is to advance its projects in New Mexico to production and to return to production in Texas, including potentially expanding its asset base both within and outside of New Mexico and Texas and partnering with larger mining companies that have undeveloped uranium or with junior mining companies that do not have the mining experience of URI. | |
Historically, the primary customers of the Company have been major utilities who utilize nuclear power to generate electricity. At present the Company owns both developed and undeveloped uranium properties in South Texas and undeveloped uranium properties in New Mexico. | |
RESTATEMENT
RESTATEMENT | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
RESTATEMENT | ' | ||||||||||
RESTATEMENT | ' | ||||||||||
2. RESTATEMENT | |||||||||||
The Company determined that the capitalization of development costs primarily on its New Mexico mineral properties and to a lesser extent on its South Texas mineral properties was not in accordance with U.S. GAAP resulting in the Company expensing amounts previously recorded to Plant, Property and Equipment. The Company has amended and restated its consolidated financial statements for the years ended December 31, 2012, 2011 and 2010, by reclassifying from property, plant and equipment to mineral property expenses $8,974,000 of costs, of which $3,922,000 was recorded before 2010 and accordingly, was recorded to accumulated deficit. The details of these restatements are outlined in the tables below. | |||||||||||
Consolidated Balance Sheet | |||||||||||
December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 109,033,002 | $ | (8,974,335 | ) | $ | 100,058,667 | ||||
Total Assets | 58,578,770 | (8,974,335 | ) | 49,604,435 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (162,201,908 | ) | (8,974,335 | ) | (171,176,243 | ) | |||||
Total shareholders’ equity | 45,143,377 | (8,974,335 | ) | 36,169,042 | |||||||
Total liabilities and shareholders’ equity | 58,578,770 | (8,974,335 | ) | 49,604,435 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 492,858 | $ | 3,736,480 | $ | 4,229,338 | |||||
Total cost of uranium sales | 5,276,471 | 3,736,480 | 9,012,951 | ||||||||
Loss from operations before corporate expenses | (5,276,471 | ) | (3,736,480 | ) | (9,012,951 | ) | |||||
Loss from operations | (15,836,302 | ) | (3,736,480 | ) | (19,572,782 | ) | |||||
Net Loss | (15,624,373 | ) | (3,736,480 | ) | (19,360,853 | ) | |||||
Basic and diluted net loss per common share | (1.28 | ) | (0.30 | ) | (1.58 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (15,624,373 | ) | $ | (3,736,480 | ) | $ | (19,360,853 | ) | ||
Additions to uranium properties | (5,015,225 | ) | 3,736,480 | (1,278,745 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 83,637,321 | $ | (5,237,855 | ) | $ | 78,399,466 | ||||
Total Assets | 31,404,929 | (5,237,855 | ) | 26,167,074 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (146,577,535 | ) | (5,237,855 | ) | (151,815,390 | ) | |||||
Total shareholders’ equity | 23,411,293 | (5,237,855 | ) | 18,173,438 | |||||||
Total liabilities and shareholders’ equity | 31,404,929 | (5,237,855 | ) | 26,167,074 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 17,918 | $ | (133,555 | ) | $ | (115,637 | ) | |||
Total cost of uranium sales | 2,847,053 | (133,555 | ) | 2,713,498 | |||||||
Loss from operations before corporate expenses | (2,847,053 | ) | 133,555 | (2,713,498 | ) | ||||||
Loss from operations | (11,375,749 | ) | 133,555 | (11,242,194 | ) | ||||||
Net Loss | (11,199,397 | ) | 133,555 | (11,065,842 | ) | ||||||
Basic and diluted net loss per common share | (1.20 | ) | 0.02 | (1.18 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (11,199,397 | ) | $ | 133,555 | $ | (11,065,842 | ) | |||
Additions to uranium properties | (322,295 | ) | (133,555 | ) | (455,850 | ) | |||||
Consolidated Balance Sheet | |||||||||||
December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 83,895,090 | $ | (5,371,410 | ) | $ | 78,523,680 | ||||
Total Assets | 42,561,515 | (5,371,410 | ) | 37,190,105 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (135,378,138 | ) | (5,371,410 | ) | (140,749,548 | ) | |||||
Total shareholders’ equity | 32,676,867 | (5,371,410 | ) | 27,305,457 | |||||||
Total liabilities and shareholders’ equity | 42,561,515 | (5,371,410 | ) | 37,190,105 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 1,646 | $ | 1,449,152 | $ | 1,450,798 | |||||
Total cost of uranium sales | 2,270,007 | 1,449,152 | 3,719,159 | ||||||||
Loss from operations before corporate expenses | (2,270,007 | ) | (1,449,152 | ) | (3,719,159 | ) | |||||
Loss from operations | (10,700,040 | ) | (1,449,152 | ) | (12,149,192 | ) | |||||
Net Loss | (10,354,567 | ) | (1,449,152 | ) | (11,803,719 | ) | |||||
Basic and diluted net loss per common share | (1.43 | ) | (0.20 | ) | (1.63 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (10,354,567 | ) | $ | (1,449,152 | ) | $ | (11,803,719 | ) | ||
Addition to uranium properties | (1,814,537 | ) | 1,449,152 | (365,385 | ) | ||||||
The Company has also restated the March 31, June 30, and September 30 interim financial statements for the years 2010, 2011 and 2012 to expense certain costs previously capitalized as mineral property development costs. The Company has determined that its capitalization of these expenditures was not in accordance with U.S. GAAP. Specifically for 2012, the Company amended and restated the interim consolidated balance sheet as of March 31, 2012, June 30, 2012 and September 30, 2012 to remove $5,841,000, $7,414,000 and $8,384,000 of costs previously capitalized as development costs which should have been recorded as mineral property expenses. The interim consolidated statement of operations for the three month periods ended March 31, 2012, June 30, 2012 and September 30, 2012 were amended and restated to expense $603,000, $1,573,000 and $969,000, respectively, of costs previously capitalized as development costs to mineral property expenses. The interim consolidated statement of operations for the six month period ended June 30, 2012 and the nine month period ended September 30, 2012 were amended and restated to expense $2,177,000 and $3,146,000, respectively, of costs previously capitalized as development costs to mineral property expenses. Corresponding changes were made to the interim statement of cash flows for the three months ended March 31, 2012, the six months ended June 30, 2012 and the nine months ended September 30, 2012. Details on the quarters in the years ended December 31, 2010, 2011 and 2012 are outlined in the tables below. | |||||||||||
Consolidated Balance Sheet | |||||||||||
March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 84,544,667 | $ | (5,841,050 | ) | $ | 78,703,617 | ||||
Total Assets | 40,431,532 | (5,841,050 | ) | 34,590,482 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (150,184,005 | ) | (5,841,050 | ) | (156,025,055 | ) | |||||
Total shareholders’ equity | 31,488,394 | (5,841,050 | ) | 25,647,344 | |||||||
Total liabilities and shareholders’ equity | 40,431,532 | (5,841,050 | ) | 34,590,482 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 26,715 | $ | 603,195 | $ | 629,910 | |||||
Total cost of uranium sales | 655,487 | 603,195 | 1,258,682 | ||||||||
Loss from operations before corporate expenses | (655,487 | ) | (603,195 | ) | (1,258,682 | ) | |||||
Loss from operations | (3,700,507 | ) | (603,195 | ) | (4,303,702 | ) | |||||
Net Loss | (3,606,470 | ) | (603,195 | ) | (4,209,665 | ) | |||||
Basic and diluted net loss per common share | (0.37 | ) | (0.06 | ) | (0.43 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (3,606,470 | ) | $ | (603,195 | ) | $ | (4,209,665 | ) | ||
Additions to uranium properties | (964,621 | ) | 603,195 | (361,426 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 86,692,812 | $ | (7,414,436 | ) | $ | 79,278,376 | ||||
Total Assets | 37,373,332 | (7,414,436 | ) | 29,958,896 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (153,844,684 | ) | (7,414,436 | ) | (161,259,120 | ) | |||||
Total shareholders’ equity | 27,889,996 | (7,414,436 | ) | 20,475,560 | |||||||
Total liabilities and shareholders’ equity | 37,373,332 | (7,414,436 | ) | 29,958,896 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 30,744 | $ | 1,573,386 | $ | 1,604,130 | |||||
Total cost of uranium sales | 1,571,642 | 1,573,386 | 3,145,028 | ||||||||
Loss from operations before corporate expenses | (1,571,642 | ) | (1,573,386 | ) | (3,145,028 | ) | |||||
Loss from operations | (3,787,151 | ) | (1,573,386 | ) | (5,360,537 | ) | |||||
Net Loss | (3,660,679 | ) | (1,573,386 | ) | (5,234,065 | ) | |||||
Basic and diluted net loss per common share | (0.34 | ) | (0.15 | ) | (0.49 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 57,459 | $ | 2,176,581 | $ | 2,234,040 | |||||
Total cost of uranium sales | 2,227,129 | 2,176,581 | 4,403,710 | ||||||||
Loss from operations before corporate expenses | (2,227,129 | ) | (2,176,581 | ) | (4,403,710 | ) | |||||
Loss from operations | (7,487,658 | ) | (2,176,581 | ) | (9,664,239 | ) | |||||
Net Loss | (7,267,149 | ) | (2,176,581 | ) | (9,443,730 | ) | |||||
Basic and diluted net loss per common share | (0.71 | ) | (0.21 | ) | (0.92 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (7,267,149 | ) | $ | (2,176,581 | ) | $ | (9,443,730 | ) | ||
Additions to uranium properties | (3,155,448 | ) | 2,176,581 | (978,867 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 108,434,518 | $ | (8,383,691 | ) | $ | 100,050,827 | ||||
Total Assets | 57,289,865 | (8,383,691 | ) | 48,906,174 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (158,065,598 | ) | (8,383,691 | ) | (166,449,289 | ) | |||||
Total shareholders’ equity | 48,129,901 | (8,383,691 | ) | 39,746,210 | |||||||
Total liabilities and shareholders’ equity | 57,289,865 | (8,383,691 | ) | 48,906,174 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 12,402 | $ | 969,255 | $ | 981,657 | |||||
Total cost of uranium sales | 1,199,786 | 969,255 | 2,169,041 | ||||||||
Loss from operations before corporate expenses | (1,199,786 | ) | (969,255 | ) | (2,169,041 | ) | |||||
Loss from operations | (4,235,360 | ) | (969,255 | ) | (5,204,615 | ) | |||||
Net Loss | (4,220,914 | ) | (969,255 | ) | (5,190,169 | ) | |||||
Basic and diluted net loss per common share | (0.34 | ) | (0.08 | ) | (0.42 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 69,861 | $ | 3,145,836 | $ | 3,215,697 | |||||
Total cost of uranium sales | 3,426,915 | 3,145,836 | 6,572,751 | ||||||||
Loss from operations before corporate expenses | (3,426,915 | ) | (3,145,836 | ) | (6,572,751 | ) | |||||
Loss from operations | (11,723,018 | ) | (3,145,836 | ) | (14,868,854 | ) | |||||
Net Loss | (11,488,063 | ) | (3,145,836 | ) | (14,633,899 | ) | |||||
Basic and diluted net loss per common share | (1.05 | ) | (0.29 | ) | (1.34 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (11,488,063 | ) | $ | (3,145,836 | ) | $ | (14,633,899 | ) | ||
Additions to uranium properties | (4,278,130 | ) | 3,145,836 | (1,132,294 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,987,152 | (5,445,882 | ) | 78,541,270 | |||||||
Total Assets | 38,772,593 | (5,445,882 | ) | 33,326,711 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (138,404,631 | ) | (5,445,882 | ) | (143,850,513 | ) | |||||
Total shareholders’ equity | 30,748,593 | (5,445,882 | ) | 25,302,711 | |||||||
Total liabilities and shareholders’ equity | 38,772,593 | (5,445,882 | ) | 33,326,711 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 91,898 | 74,472 | 166,370 | ||||||||
Total cost of uranium sales | 759,889 | 74,472 | 834,361 | ||||||||
Loss from operations before corporate expenses | (759,889 | ) | (74,472 | ) | (834,361 | ) | |||||
Loss from operations | (3,093,759 | ) | (74,472 | ) | (3,168,231 | ) | |||||
Net loss | (3,026,493 | ) | (74,472 | ) | (3,100,965 | ) | |||||
Basic and diluted net loss per common share | (0.32 | ) | (0.01 | ) | (0.33 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (3,026,493 | ) | (74,472 | ) | (3,100,965 | ) | |||||
Additions to uranium properties | (222,265 | ) | 74,472 | (147,793 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,511,677 | (5,154,556 | ) | 78,357,121 | |||||||
Total Assets | 35,940,521 | (5,154,556 | ) | 30,785,965 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (141,097,312 | ) | (5,154,556 | ) | (146,251,868 | ) | |||||
Total shareholders’ equity | 28,255,567 | (5,154,556 | ) | 23,101,011 | |||||||
Total liabilities and shareholders’ equity | 35,940,521 | (5,154,556 | ) | 30,785,965 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 16,789 | (291,326 | ) | (274,537 | ) | ||||||
Total cost of uranium sales | 702,206 | (291,326 | ) | 410,880 | |||||||
Loss from operations before corporate expenses | (702,206 | ) | 291,326 | (410,880 | ) | ||||||
Loss from operations | (2,704,420 | ) | 291,326 | (2,413,094 | ) | ||||||
Net loss | (2,692,681 | ) | 291,326 | (2,401,355 | ) | ||||||
Basic and diluted net loss per common share | (0.29 | ) | 0.03 | (0.26 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 108,687 | (216,854 | ) | (108,167 | ) | ||||||
Total cost of uranium sales | 1,462,095 | (216,854 | ) | 1,245,241 | |||||||
Loss from operations before corporate expenses | (1,462,095 | ) | 216,854 | (1,245,241 | ) | ||||||
Loss from operations | (5,798,179 | ) | 216,854 | (5,581,325 | ) | ||||||
Net loss | (5,719,174 | ) | 216,854 | (5,502,320 | ) | ||||||
Basic and diluted net loss per common share | (0.61 | ) | 0.02 | (0.59 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (5,719,174 | ) | 216,854 | (5,502,320 | ) | ||||||
Additions to uranium properties | (8,041 | ) | (216,854 | ) | (224,895 | ) | |||||
Consolidated Balance Sheet | |||||||||||
September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,557,195 | (5,194,436 | ) | 78,362,759 | |||||||
Total Assets | 33,744,608 | (5,194,436 | ) | 28,550,172 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (143,884,558 | ) | (5,194,436 | ) | (149,078,994 | ) | |||||
Total shareholders’ equity | 25,626,119 | (5,194,436 | ) | 20,431,683 | |||||||
Total liabilities and shareholders’ equity | 33,744,608 | (5,194,436 | ) | 28,550,172 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | (25,816 | ) | 39,880 | 14,064 | |||||||
Total cost of uranium sales | 773,241 | 39,880 | 813,121 | ||||||||
Loss from operations before corporate expenses | (773,241 | ) | (39,880 | ) | (813,121 | ) | |||||
Loss from operations | (2,827,097 | ) | (39,880 | ) | (2,866,977 | ) | |||||
Net loss | (2,787,246 | ) | (39,880 | ) | (2,827,126 | ) | |||||
Basic and diluted net loss per common share | (0.30 | ) | — | (0.30 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 82,871 | (176,974 | ) | (94,103 | ) | ||||||
Total cost of uranium sales | 2,235,336 | (176,974 | ) | 2,058,362 | |||||||
Loss from operations before corporate expenses | (2,235,336 | ) | 176,974 | (2,058,362 | ) | ||||||
Loss from operations | (8,625,276 | ) | 176,974 | (8,448,302 | ) | ||||||
Net loss | (8,506,420 | ) | 176,974 | (8,329,446 | ) | ||||||
Basic and diluted net loss per common share | (0.91 | ) | 0.02 | (0.89 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (8,506,420 | ) | 176,974 | (8,329,446 | ) | ||||||
Additions to uranium properties | (114,778 | ) | (176,974 | ) | (291,752 | ) | |||||
Consolidated Balance Sheet | |||||||||||
March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,463,604 | (3,992,568 | ) | 78,471,036 | |||||||
Total Assets | 29,668,196 | (3,992,568 | ) | 25,675,628 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (127,371,721 | ) | (3,992,568 | ) | (131,364,289 | ) | |||||
Total shareholders’ equity | 20,788,394 | (3,992,568 | ) | 16,795,826 | |||||||
Total liabilities and shareholders’ equity | 29,668,196 | (3,992,568 | ) | 25,675,628 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 0 | 70,309 | 70,309 | ||||||||
Total cost of uranium sales | 587,199 | 70,309 | 657,508 | ||||||||
Loss from operations before corporate expenses | (587,199 | ) | (70,309 | ) | (657,508 | ) | |||||
Loss from operations | (2,345,448 | ) | (70,309 | ) | (2,415,757 | ) | |||||
Net loss | (2,348,150 | ) | (70,309 | ) | (2,418,459 | ) | |||||
Basic and diluted net loss per common share | (0.41 | ) | (0.01 | ) | (0.42 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (2,348,150 | ) | (70,309 | ) | (2,418,459 | ) | |||||
Additions to uranium properties | (160,394 | ) | 70,309 | (90,085 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,492,622 | (4,019,098 | ) | 78,473,524 | |||||||
Total Assets | 37,051,948 | (4,019,098 | ) | 33,032,850 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (129,092,277 | ) | (4,019,098 | ) | (133,111,375 | ) | |||||
Total shareholders’ equity | 28,297,310 | (4,019,098 | ) | 24,278,212 | |||||||
Total liabilities and shareholders’ equity | 37,051,948 | (4,019,098 | ) | 33,032,850 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 26,530 | 27,255 | ||||||||
Total cost of uranium sales | 500,617 | 26,530 | 527,147 | ||||||||
Loss from operations before corporate expenses | (500,617 | ) | (26,530 | ) | (527,147 | ) | |||||
Loss from operations | (1,992,230 | ) | (26,530 | ) | (2,018,760 | ) | |||||
Net loss | (1,720,556 | ) | (26,530 | ) | (1,747,086 | ) | |||||
Basic and diluted net loss per common share | (0.29 | ) | — | (0.29 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 96,839 | 97,564 | ||||||||
Total cost of uranium sales | 1,087,816 | 96,839 | 1,184,655 | ||||||||
Loss from operations before corporate expenses | (1,087,816 | ) | (96,839 | ) | (1,184,655 | ) | |||||
Loss from operations | (4,337,678 | ) | (96,839 | ) | (4,434,517 | ) | |||||
Net loss | (4,068,706 | ) | (96,839 | ) | (4,165,545 | ) | |||||
Basic and diluted net loss per common share | (0.70 | ) | (0.02 | ) | (0.72 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (4,068,706 | ) | (96,839 | ) | (4,165,545 | ) | |||||
Additions to uranium properties | (207,787 | ) | 96,839 | (110,948 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,670,939 | (4,152,861 | ) | 78,518,078 | |||||||
Total Assets | 36,185,372 | (4,152,861 | ) | 32,032,511 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (132,756,758 | ) | (4,152,861 | ) | (136,909,619 | ) | |||||
Total shareholders’ equity | 26,127,217 | (4,152,861 | ) | 21,974,356 | |||||||
Total liabilities and shareholders’ equity | 36,185,372 | (4,152,861 | ) | 32,032,511 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 0 | 133,763 | 133,763 | ||||||||
Total cost of uranium sales | 645,637 | 133,763 | 779,400 | ||||||||
Loss from operations before corporate expenses | (645,637 | ) | (133,763 | ) | (779,400 | ) | |||||
Loss from operations | (3,730,998 | ) | (133,763 | ) | (3,864,761 | ) | |||||
Net loss | (3,664,481 | ) | (133,763 | ) | (3,798,244 | ) | |||||
Basic and diluted net loss per common share | (0.44 | ) | (0.02 | ) | (0.46 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 230,602 | 231,327 | ||||||||
Total cost of uranium sales | 1,733,453 | 230,602 | 1,964,055 | ||||||||
Loss from operations before corporate expenses | (1,733,453 | ) | (230,602 | ) | (1,964,055 | ) | |||||
Loss from operations | (8,068,676 | ) | (230,602 | ) | (8,299,278 | ) | |||||
Net loss | (7,733,187 | ) | (230,602 | ) | (7,963,789 | ) | |||||
Basic and diluted net loss per common share | (1.16 | ) | (0.03 | ) | (1.19 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (7,733,187 | ) | (230,602 | ) | (7,963,789 | ) | |||||
Additions to uranium properties | (456,898 | ) | 230,602 | (226,296 | ) | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of URI and its wholly-owned subsidiaries (collectively “the Company”). All significant intercompany transactions have been eliminated in consolidation. | ||||||||
Reverse Stock Split | ||||||||
Immediately following the close of trading on January 22, 2013 the Company affected 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 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split. | ||||||||
Consolidated Statements of Cash Flows | ||||||||
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. | ||||||||
Uranium Properties | ||||||||
Expenditures related to acquisition of mineral rights are capitalized as incurred. Exploration costs related to locating areas of potential mineralization are expensed as incurred. Commercial feasibility is established in compliance with the U.S. Securities and Exchange Commission Industry Guide 7, and consists of identifying that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. After declaring proven or probable reserves for an area of interest in accordance with Industry Guide7, expenditures specific to the area of interest for further development are capitalized. All properties with significant acquisition or incurred costs are evaluated for their realizability on a property-by-property basis. Any impairment of such costs is recognized through a reduction in the net carrying value of the asset. (See Note 6—“PROPERTY, PLANT AND EQUIPMENT - Uranium Properties”). | ||||||||
Included in mineral rights and properties are costs in the amount of $20,274,000 for what management classifies as value beyond proven and probable reserves (VBPP), primarily resulting from the Neutron acquisition. VBPP is attributable to (i) mineralized material, which includes measured and indicated amounts, that the Company believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. | ||||||||
Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. | ||||||||
Depreciation and Depletion. During the periods that our facilities are not in production, depletion on our mineral interests, permits, licenses and development properties are suspended. Depreciation and depletion of our plant facilities, machinery and equipment continues in accordance with the level of stand-by activity being conducted at each site. | ||||||||
Other ancillary plant equipment and vehicles are depreciated using a straight line method based upon the estimated useful lives of the assets. | ||||||||
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. | ||||||||
Restricted Cash | ||||||||
At December 31, 2012 and 2011, the Company had pledged certificates of deposit and money market accounts of $9,492,000 and $9,380,000, respectively, in order to collateralize letters of credit 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. | ||||||||
Restoration and Remediation Costs (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 mine projects to the pre-existing mine area average quality after the completion of mining. The Company records the estimated present value of reclamation liabilities and increases the carrying amount of the related asset. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. | ||||||||
Future reclamation and remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at each project. Such estimates are determined by the Company’s engineering studies calculating the cost of future surface and groundwater activities. | ||||||||
The following table shows the change in the balance of the restoration and reclamation liability (Asset Retirement Obligation) during the years ended December 31, 2012 and 2011: | ||||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Reserve for future restoration and reclamation costs at January 1, | $ | 4,735,759 | $ | 5,043,645 | ||||
Changes in cash flow estimates | 1,444,406 | 1,101,234 | ||||||
Costs incurred | (1,767,289 | ) | (1,530,303 | ) | ||||
Accretion expense | 85,181 | 121,183 | ||||||
Reserve for future restoration and reclamation costs at December 31, | $ | 4,498,057 | $ | 4,735,759 | ||||
Contingent Liabilities—Off Balance Sheet Arrangements | ||||||||
The Company has obtained financial surety relating to certain of its future restoration and reclamation obligations as required by the State of Texas regulatory agencies. The Company has bank Letters of Credit (the “L/Cs”) and performance bonds totaling $8,707,000 issued for the benefit of the Company to satisfy such regulatory requirements. The L/Cs were issued by Bank of America and the performance bonds have been issued by United States Fidelity and Guaranty Company (“USF&G”). Such L/Cs are collateralized in their entirety by certificates of deposit and money market deposits. | ||||||||
Earnings Per Share | ||||||||
All per share data herein has been retroactively adjusted for the 1 for 10 reverse stock split that occurred following the close of trading on January 22, 2013. | ||||||||
Net earnings (loss) per common share—basic has been calculated based on the weighted average shares outstanding during the year and net earnings (loss) per common share—diluted has been calculated assuming the exercise or conversion of all dilutive securities. Due to net losses incurred for 2012, 2011 and 2010 there were no dilutive securities included in these years as their inclusion would be anti-dilutive. | ||||||||
The potential dilutive Common Stock that was excluded from the calculation of diluted earnings per share was 403,274 in 2012, 454,885 in 2011, and 594,714 in 2010. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions. Such estimates and assumptions may 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 more significant areas requiring the use of management estimates include mineral reserve estimation; useful asset lives for depreciation, depletion and amortization; environmental obligations; future restoration and reclamation costs; share based compensation expense; and asset impairment, including estimates used to derive future cash flows associated with those assets. | ||||||||
Specifically regarding uranium properties, significant estimates were utilized in determining the carrying value of these assets. These assets have been recorded at their estimated net realizable value for impairment purposes, which is less than cost. The actual value realized from these assets may vary significantly from these estimates based upon market conditions, financing availability and other factors. Future market conditions in particular can be difficult to predict and measure because of the impact of events that affect public acceptance of nuclear energy, the limited size of the market for the use of uranium, changes in the prices of alternative energy sources, development of new low-cost alternative energy sources and other factors. | ||||||||
Regarding the reserve for future restoration and reclamation costs, significant estimates were utilized in determining the future costs to complete the groundwater restoration and surface reclamation at our mine sites. Estimating future costs can be difficult and unpredictable because they are based principally on current legal and regulatory requirements and mine closure plans that may change materially. The laws and regulations governing mine closure and remediation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions which may cause our provisions for environmental liabilities to be underestimated and could materially affect the Company’s financial position or results of operations. Estimates of future restoration and reclamation costs are also subject to operational risks such as acceptance of treatment techniques or other operational changes. | ||||||||
Also, the calculation of reserves, other mineralized material and grading are estimates and depend upon geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to the calculation of reserves, mineralized material and corresponding grades. Until reserves and other mineralized materials are actually mined and processed, the quantity of ore and grades must be considered as an estimate only. In addition, the quantity of reserves and other mineralized materials and ore may vary depending on the price of uranium. Any material change in the quantity of reserves, other mineralized materials, mineralization or grade may affect the economic viability of our properties. | ||||||||
Risks and Uncertainties | ||||||||
Historically, the market for uranium has experienced significant price fluctuations. Prices are significantly impacted by global supply and demand, which is affected by the demand for nuclear power, political, and economic conditions, governmental legislation in uranium producing and consuming countries, and production levels and costs of production of other producing companies. Increases or decreases in prices received could have a significant impact on the Company’s future results of operations. | ||||||||
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. | ||||||||
Recently Issued Accounting Pronouncements | ||||||||
In January 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 states the intended scope of disclosures required by ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” apply to derivatives and hedging transactions. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this guidance is not anticipated to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2012 | |
LIQUIDITY | ' |
LIQUIDITY | ' |
4. LIQUIDITY | |
The Company had negative cash flow from operations of $18.6 million, $10.3 million and $8.8 million for the years ended December 31, 2012, 2011 and 2010, respectively. | |
We had $4.7 million in cash at December 31, 2012 and $2.9 million at December 31, 2011. The Company is not currently commercially producing uranium and as such does not anticipate generating any significant sales revenues in 2013. | |
In March, 2013, the Company completed a shareholder rights offering (“Rights Offering”) whereby each of the Company’s shareholders and warrant holders were eligible to participate on an equal, proportional basis in purchasing shares of common stock of the Company. Each URI shareholder and warrant holder received one subscription right for each share of common stock owned or subject to a warrant as of the record date. Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. The Company raised $8.9 million in gross proceeds under the Rights Offering of which $5.0 million was used to repay the short term financing from RCF. | |
In the fourth quarter of 2011, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell from time to time, shares of its common stock having an aggregate offering price of up to $15.0 million, through an “at-the-market” equity offering program (“ATM Sales Agreement”). The Company raised capital in 2011 and 2012 through the sale of common stock under this program. During 2012, a total of 973,000 shares of common stock were sold resulting in net proceeds of approximately $5.4 million pursuant to the ATM Sales Agreement. The Company has a total of $9.0 million available for future sales under the ATM Sales Agreement. | |
The Company expects that its existing cash, the funding received from the Rights Offering and funding available under the ATM Sales Agreement will provide it the necessary liquidity moving forward for 2013. Additional funding available under the ATM Sales Agreement is subject to market conditions. In the event funds are not available, we may be required to change our planned business strategies. | |
MERGER_AND_FINANCING_AGREEMENT
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | ' | |||||||
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | ' | |||||||
5. MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | ||||||||
In March 2012, the Company executed a merger agreement to acquire 100% of the equity (the “Transaction”) of Neutron. As part of the Transaction, Resource Capital Fund V L.P. (“RCF”) provided $20 million in funding in exchange for 2.5 million shares of the Company’s common stock to retire the majority of Neutron’s outstanding debt owed to RMB Australia Holdings Limited (“RMB”). The remainder of Neutron debt owed to RMB was converted into 836,000 shares of the Company’s common stock, resulting in URI acquiring Neutron on a debt-free basis. The Transaction, which was unanimously approved by the Boards of Directors of both URI and Neutron, was approved by both Neutron’s and URI’s stockholders at special stockholders meetings that were held on August 23, and August 29, 2012, respectively. The Transaction closed on August 31, 2012. | ||||||||
At the effective time of the merger, each share of Neutron’s common stock ceased to be outstanding and was converted into the right to receive 0.00643 shares of URI’s common stock, with approximately 384,000 shares of URI common stock being issued to former Neutron stockholders in the aggregate. | ||||||||
In connection with the Transaction, URI also entered into an investment agreement with RCF pursuant to which RCF provided $10 million in funding to URI through the purchase of 1.0 million shares of the Company’s common stock on March 9, 2012 and provided an additional $5 million in funding through the purchase of 969,000 additional shares of the Company’s common stock on September 5, 2012. At the closing date of the Transaction the Company had provided $3.6 million to Neutron to fund its operations from March 2012 through August 31, 2012. Such funding was recorded as a note due to the Company from Neutron prior to the closing. The amount of the note was deemed as additional consideration paid in connection with the Transaction and was allocated as a component of the fair value of the net assets acquired. | ||||||||
With the Transaction the Company added property interests in the states of New Mexico, South Dakota, Wyoming, and Arizona. All of the projects acquired in the Transaction are at the exploration stage without known reserves and there can be no assurance that a commercially viable mineral deposit, or reserve, exists on any of the properties until appropriate exploratory work is done and a comprehensive evaluation based on such work concludes legal and economic feasibility. Further exploration will be required before a final evaluation as to the economic, technical and legal feasibility of mining of any of the properties is determined. There is no assurance that further exploration will result in a final evaluation that a commercially viable mineral deposit, or reserve, exists on any of the properties acquired in the Transaction. | ||||||||
The primary properties acquired in the Transaction are located in the State of New Mexico and are subdivided into two separate groups and consist of the Cibola Project and the Ambrosia Lake Project. Neutron’s principal mineral project is the Cibola Project which consists of the Juan Tafoya Property where Neutron has a lease covering approximately 4,097 acres and the Cebolleta Property where Neutron has a lease covering approximately 6,717 acres. The Ambrosia Lake Project is comprised of the (i) Endy Lease which is comprised of 167 unpatented lode mining claims and covers 3,382 acres in the eastern portion of the Ambrosia Lake Project; (ii) Bonner Lease which is comprised of 181 unpatented lode mining claims and one state of New Mexico general mining lease covering a further 4,132 acres ; (iii) the Elizabeth Lease which is comprised of eight patented and one unpatented lode mining claims covering 179 acres ; and (iv) 292 unpatented lode mining claims for 5,442 acres that are owned directly by Neutron. Collectively, the Endy Lease, Bonner Lease, Elizabeth Lease and the claims owned by Neutron cover an area of approximately 13,135 acres. | ||||||||
The estimated fair value of the total consideration transferred was $20,136,000 excluding share issuance costs of $146,000. The acquisition date estimated fair value of each class of consideration transferred was as follows: | ||||||||
Common shares | $ | 16,577,000 | ||||||
Note receivable—Neutron | 3,559,000 | |||||||
Total purchase price | $ | 20,136,000 | ||||||
The Company issued 3.7 million shares of common stock in the Transaction. Fair value of common stock issued was determined by the closing price of the Company’s common stock on the closing date of the Transaction. The total purchase price has been preliminarily allocated to the net tangible assets of Neutron as follows: | ||||||||
Cash | $ | 28,000 | ||||||
Restricted cash | 273,000 | |||||||
Other current assets | 11,000 | |||||||
Uranium properties—value beyond proven and probable | 20,274,000 | |||||||
Other property, plant and equipment | 323,000 | |||||||
Other non-current assets | 12,000 | |||||||
Total assets | 20,921,000 | |||||||
Total current liabilities | 785,000 | |||||||
Total liabilities | 785,000 | |||||||
Net tangible and intangible assets acquired | $ | 20,136,000 | ||||||
During 2012, the Company recorded acquisition expenses totaling $2.036 million in general and administrative expenses. During 2012, the Company recognized a net loss from Neutron operations of $387,000. | ||||||||
Unaudited Pro Forma Results | ||||||||
ASC Topic 805 requires supplemental information on a pro forma basis to disclose the results of operations as though the business combination had been completed as of the beginning of the periods being reported. | ||||||||
The following condensed unaudited pro forma information gives effect to these acquisitions as if they had occurred on January 1, 2010. The pro forma information has been included in the notes as required by U.S. generally accepted accounting principles and is provided for comparison purposes only. The pro forma financial information is not necessarily indicative of the financial results that would have occurred had these acquisitions been effective on the dates as indicated and should not be viewed as indicative of operations in the future. | ||||||||
Unaudited | ||||||||
Pro Forma Financial Data | ||||||||
Years ended December 31 | ||||||||
2012 | 2011 | |||||||
Revenue | $ | — | $ | — | ||||
Net loss(Restated) | $ | (20,635,981 | ) | $ | (17,545,103 | ) | ||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
6. PROPERTY, PLANT AND EQUIPMENT | ||||||||
Certain of the balances presented below have been restated as described in Note 2: | ||||||||
Property, Plant and | ||||||||
Equipment Balances, net | ||||||||
At December 31 | ||||||||
2012 | 2011 | |||||||
Uranium plant | $ | 9,532,000 | $ | 8,971,000 | ||||
Permits and licenses | 174,000 | 496,000 | ||||||
Mineral rights and properties | 20,872,000 | 589,000 | ||||||
Evaluation and delineation | 2,022,000 | 2,022,000 | ||||||
Vehicles/depreciable equipment | 1,435,000 | 776,000 | ||||||
Other uranium properties | 247,000 | 661,000 | ||||||
Other property, plant and equipment | 458,000 | 93,000 | ||||||
Total | $ | 34,740,000 | $ | 13,608,000 | ||||
Uranium Properties | ||||||||
Impairment of Uranium Properties | ||||||||
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. An 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. 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. 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. | ||||||||
At December 31, 2012, we determined the carrying value of our project assets at each of our South Texas production locations exceeded their fair value. A decline in the current and projected market price of uranium and an increase in the estimated production costs for each of our South Texas projects resulted in a decrease in the estimated future cash flow to be generated from each site. Such determination resulted in an impairment provision of approximately $1.7 million for the year. The impairment provision for 2012 was approximately $919,000 for the Kingsville Dome project, $139,000 for the Rosita project and $679,000 for the Vasquez project. The impairment provision recorded in 2011 was approximately $1.5 million and included $851,000 for the Kingsville Dome project, $126,000 for the Rosita project and $483,000 for the Vasquez project. The impairment provision recorded in 2010 was approximately $961,000 and included approximately $590,000 million for the Kingsville Dome project, $58,000 for the Rosita project and $313,000 for the Vasquez project. | ||||||||
Kingsville Dome Property | ||||||||
The Kingsville Dome property 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. | ||||||||
Vasquez Property | ||||||||
The Company has 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. | ||||||||
Rosita Property | ||||||||
The Rosita property consists of mineral leases from private landowners on about 3,377 gross and net acres located in north-central Duval County, Texas. 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 ranging from 2012 to 2015. We are holding these leases by payment of rentals ranging from $10 to $30 per acre. | ||||||||
Rosita South Property | ||||||||
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 property. | ||||||||
Los Finados/Tecolote Project | ||||||||
The Los Finados Project consisted of an exploration lease from private land owners on about 53,524 gross acres located in Kenedy County near the Company’s Kingsville Dome property. The exploration rights to the Los Finados project were acquired in December 2010. The lease option agreement included a $1 million fee paid at signing. The lease option included a three phase exploration program that required a minimum exploration obligation of one hundred exploration wells or $1.0 million investment in the first year, an additional two hundred exploration wells or $1.5 million investment in the second year and, in the third year, an additional two hundred exploration wells or $2.0 million investment. The Company completed phase one of the exploration in 2011 and phase two in 2012. | ||||||||
In December 2012, the Company signed an amendment to the Los Finados exploration lease which added approximately 22,700 net acres north of Los Finados to the exploration program. The additional acreage is identified as the Tecolote project. In addition, the amendment extended the term of the exploration lease by two years, to November 30, 2015 and it also deemed complete the Company’s exploration obligations under the Los Finados program. Under the amendment, the exploration program commitment for the Tecolote project for 2013, 2014 and 2015 was amended to include minimum exploration obligations of one hundred exploration wells or $1.0 million investment for the year ended November 30, 2013, one hundred fifty exploration wells or $1.5 million investment for the year ended November 30, 2014 and two hundred exploration wells or $2.0 million investment for the year ended November 30, 2015. Investment or drilling in excess of the minimum requirement in any year counts toward the following year’s requirements. The expansion of the agreement to the Tecolote project also terminated the Company’s right to exercise its lease option on the Los Finados project. | ||||||||
In May 2011, the Company entered into an exploration agreement with Cameco Texas, Inc. (“CTI”), a subsidiary of Cameco (NYSE: CCJ) on the Los Finados project. The agreement with CTI included a three phase exploration program. In December 2012, the Company amended the agreement with CTI. The amendment extended the term of the exploration lease by two years to November 30, 2015 and included the same minimum exploration commitment terms as the Tecolote project for the phase four and phase five years ending November 30, 2014 and 2015, respectively. Under this agreement, CTI will fund the majority of the exploration costs and can earn up to a 70% interest in the project in consideration for its investment. | ||||||||
At the conclusion of the exploration program, the parties may enter into an operating joint venture to develop and produce any discovered uranium resources and reserves. The uranium would be processed at URI’s Kingsville Dome or Rosita processing facility, with CTI’s share of production being processed under a toll processing agreement with URI. | ||||||||
Churchrock Properties | ||||||||
The Churchrock project encompasses about 3,458 gross and net acres. The properties 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 United States Government and held in trust for the Navajo Nation. On those sections we have royalty obligations ranging from 5% to 6 1/4 % and a 2% overriding royalty obligation to the Navajo 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. | ||||||||
Permitting activities are currently ongoing on these properties. See further discussion of permitting activities in Note 13—“COMMITMENTS AND CONTINGENCIES”. | ||||||||
Crownpoint Property | ||||||||
The Crownpoint properties are located in the San Juan Basin, 22 miles northeast of our Churchrock deposits and 35 miles northeast of Gallup, New Mexico, adjacent to the town of Crownpoint. The Properties consist of 640 gross and 556 net acres. | ||||||||
West Largo and Roca Honda Properties | ||||||||
In March 1997, we acquired the fee interest in 177,000 acres in northwestern New Mexico. Several significant occurrences of uranium mineralization are known to be within this acreage, including a uranium mineralized property called West Largo and a uranium mineralized property called Roca Honda. | ||||||||
The West Largo property is about 21 miles north of the town of Milan and about 1.5 miles west of State Highway 509 in McKinley County, New Mexico. The property lies about 3 miles to the northwest of the Ambrosia Lake District, a major producer of uranium by means of underground operations from the late 1950s to the early 1980s. | ||||||||
The Roca Honda property lies about 4 miles northwest of the town of San Mateo in McKinley County, New Mexico. We also own 36 unpatented mining claims encompassing approximately 640 acres that are adjacent to the fee land. | ||||||||
Juan Tafoya Property | ||||||||
In connection with the acquisition of Neutron Energy, Inc. 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. The Juan Tafoya property is located approximately 45 miles west-northwest of the city of Albuquerque, and 25 miles northeast of the town of Laguna. | ||||||||
CONTRACT_COMMITMENTS
CONTRACT COMMITMENTS | 12 Months Ended |
Dec. 31, 2012 | |
CONTRACT COMMITMENTS | ' |
CONTRACT COMMITMENTS | ' |
7. CONTRACT COMMITMENTS | |
Sales Contracts | |
In March 2006, we entered into new 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 the Tecolote/Los Finados project and a second large potential exploration plays). Uranium deliveries from the inception of the contracts through December 31, 2012 have totaled approximately 510,000 pounds to Itochu and 480,000 pounds to UG. | |
Our Texas production will be sold to Itochu at a price equal to the average spot price for the eight weeks prior to the date of delivery less $7.50 per pound, with a floor for the spot price of $37 per pound and a ceiling of $43 per pound. If the spot price is over $50 per pound the price will be increased by 50% of such excess. The floor and ceiling and sharing arrangement over the ceiling applies to 3.65 million pounds of deliveries, after which there is no floor or ceiling. Itochu has the right to cancel any deliveries on six-month’s notice. | |
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%. | |
DEBT
DEBT | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
DEBT | ' | |||||||
DEBT | ' | |||||||
8. DEBT | ||||||||
Short Term Financing Facility | ||||||||
In December 2012 the Company completed a $5 million short term financing provided by RCF. The terms of the financing include an annualized interest rate of 10% payable quarterly and a loan establishment fee of $160,000. The loan establishment fee was paid in December 2012 by the issuance of 42,884 shares of common stock of the Company. The number of shares paid was determined based upon the volume weighted average price of the Company’s common stock for the 20 days ending November 29, 2012 ($3.73 per share). The maturity date for the financing was the earlier of (i) the date of the closing of the Shareholder Rights Offering and (ii) June 28, 2013. | ||||||||
Subsequent to year end 2012, in connection with the Shareholder Rights Offering, the Company repaid the RCF $5.0 million short term loan facility by issuing 1.96 million shares of the Company’s common stock to RCF. See Note 14—“Subsequent Events” for a description of the Shareholder Rights Offering. | ||||||||
Summary of Long-Term Debt | ||||||||
At December 31, | ||||||||
2012 | 2011 | |||||||
Long-term debt of the Company consists of: | ||||||||
Crownpoint property | $ | 450,000 | $ | 450,000 | ||||
Capital leases | 129,722 | 119,232 | ||||||
579,722 | 569,232 | |||||||
Less—Current portion | (112,140 | ) | (65,161 | ) | ||||
Total long-term debt | $ | 467,582 | $ | 504,071 | ||||
Maturities of long-term debt and capital leases are as follows: | ||||||||
For the Twelve Months Ended: | Long-Term Debt | Capital Leases | ||||||
December 31, 2013 | $ | — | $ | 119,145 | ||||
December 31, 2014 | — | 24,153 | ||||||
December 31, 2015 | — | 4,579 | ||||||
December 31, 2016 | — | — | ||||||
December 31, 2017 and beyond | 450,000 | — | ||||||
Totals | $ | 450,000 | $ | 147,877 | ||||
Less amounts representing imputed interest | (18,155 | ) | ||||||
Present value of future payments | $ | 129,722 | ||||||
Capital leases consist of trucks and mining equipment included in uranium properties. | ||||||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2012 | |
SHAREHOLDERS' EQUITY | ' |
SHAREHOLDERS' EQUITY | ' |
9. SHAREHOLDERS’ EQUITY | |
Equity Infusion—ATM Sales | |
On October 31, 2011, the Company entered into an ATM Sales Agreement with BTIG, pursuant to which the Company may sell from time to time, shares of its common stock through an “at-the-market” share offering program under its currently effective registration statement on Form S-3. The Company may sell up to $15,000,000 in aggregate offering price of its common stock through BTIG, acting as sales agent. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering. The Company will pay BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement. The Company raised approximately $5.4 million of net proceeds in 2012 through the ATM Sales Agreement through the sale of 0.97 million shares of common stock. The Company raised approximately $325,000 of net proceeds in 2011 under the ATM Sales Agreement through the sale of 47,700 shares of common stock. The Company has a total of $9.0 million available for future sales under the ATM Sales Agreement. | |
Equity Infusion—Private Placement | |
The Company raised $10 million on March 9, 2012 in a private placement with Resource Capital Fund V L.P. (“RCF”). In connection with the transaction the Company sold 1.0 million shares of common stock at a price of $9.75 per share. The Company also raised $5 million on September 5, 2012 in a private placement with RCF. In this transaction the Company sold 0.97 million shares of common stock at a price of $5.16 per share. These capital transactions were conducted as a part of the acquisition for all of the outstanding shares of Neutron Energy, Inc. See Note 5—“Merger and Financing Agreement with Neutron Energy” for a description of these financings. | |
Equity Infusion—Public Offering | |
During 2010, the Company raised capital in June and July 2010 through two underwritten public offerings. Under the transactions, a total of 3.54 million shares of common stock were sold in the offering with net proceeds of approximately $19.1 million, after deducting underwriting discounts and commissions and estimated offering expenses. | |
Deferred Compensation | |
The Company has Deferred Compensation Plans for the years 1999 to 2004 (the “Deferred Compensation Plans”) whereby executive officers and directors were permitted to defer up to 100% of their compensation for the years 1999-2004. The participants elected to receive the deferred amount in shares of our Common Stock valued at $8.00 per share. On January 11, 2011 the participants elected to receive restricted stock totaling 88,500 shares in lieu of the cash due under the deferred compensation plans. | |
Warrants | |
In connection with the May 2008 equity infusion, the Company issued warrants to purchase 0.99 million additional shares of common stock at a price of $57.80 per share. These warrants expire in May 2013 and are outstanding and exercisable as of December 31, 2012. | |
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | |||||||||||||
Dec. 31, 2012 | ||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||
10. STOCK-BASED COMPENSATION PLANS | ||||||||||||||
Our stock based compensation programs consist of stock options granted to employees and directors and restricted stock grants made to employees. Stock compensation expense for the year ended December 31, 2012, 2011 and 2010 of $427,000, $884,000 and $1,032,000, respectively, was recorded to general and administrative expenses. The Company has not recognized a tax benefit from the stock compensation expense because the Company considers it is more likely than not that the related deferred tax assets, which have been reduced by a full valuation allowance, will not be realized. | ||||||||||||||
Stock Options | ||||||||||||||
Employee Stock Options | ||||||||||||||
The Company has two stock Incentive Plans for Employees, both of which were approved by the Company’s shareholders. | ||||||||||||||
Under the 1995 Stock Incentive Plan (the “1995 Plan”) all available and outstanding options have been granted and are currently exercisable. Under the Company’s 2004 Stock Incentive Plan (the “2004 Plan”) a total of 175,000 shares may be issued upon exercise of options granted under the 2004 Plan. Employee stock options generally vest ratably over a 3 or 4 year time frame and have a contractual term of 10 years. At December 31, 2012, 120,800 shares were available for issuance from grants made under the 2004 Plan. | ||||||||||||||
In June 2011, the Company’s Executive Chairman was granted options under the 2004 Plan to purchase a total of 1,667 shares of common stock at an exercise price of $17.30 per share. The stock option grant shares vest ratably over 4 years. | ||||||||||||||
In December 2010, four officers of the Company were granted options under the 2004 Plan to purchase a total of 9,500 shares of the Company’s common stock at an exercise price of $32.90 per share. These options vested over one year and are fully vested at December 31, 2012. | ||||||||||||||
In April 2010, five employees and one officer of the Company were granted options under the 2004 Plan to purchase a total of 8,500 shares of the Company’s common stock at an exercise price of $7.30 per share. These options vest ratably over 3 years. | ||||||||||||||
2004 Directors’ Plan—Options | ||||||||||||||
On June 2, 2004 the Company adopted the 2004 Directors’ Stock Option Plan (the “2004 Directors’ Plan”). Under the 2004 Directors’ Plan, each non-employee director on the date the Plan was adopted was granted an option to purchase 7,500 shares of Common Stock. Each non-employee Director elected or appointed to the Board of Directors for the first time will be granted an option to purchase 2,500 shares of Common Stock and each Non-Employee Director shall be granted an option to purchase 2,500 shares either, (a) upon his or her re-election at an annual meeting of the Company’s stockholders or (b) in any calendar year in which an annual meeting of shareholders is not held, on June 1 of such year. | ||||||||||||||
In June 2006, the Directors’ Stock Option Plan was amended to increase the initial grants and the annual re-election grants to non-employee Directors to 5,000 shares of Common Stock. The 2004 Directors’ Plan replaces an earlier plan that expired in 2004. None of such options remains outstanding at December 31, 2012. | ||||||||||||||
In June 2010, the Directors’ Stock Option Plan was amended and restated (“Amended 2004 Directors’ Plan”) to allow for the directors to be issued stock options or restricted common shares as determined by the Company and increased the available shares to be granted to 250,000 shares. At December 31, 2012, 95,625 shares were available for future grants under the Amended 2004 Directors’ Plan. | ||||||||||||||
In September 2012, Terence J. Cryan assumed the duties of the Company’s Interim President and CEO. In connection with this Mr. Cryan was granted options under the Amended 2004 Directors’ Plan to purchase 20,000 shares of the Company’s Common Stock at an exercise price of $5.20 per share. The stock options vest ratably 25% at the 6, 12, 18 and 24 month anniversary date of the date of grant. | ||||||||||||||
At the June 2011 annual meeting of the stockholders, each of the non-employee directors of the Company was granted options under the Amended 2004 Directors’ Plan to purchase 5,000 shares of the Company’s common stock at an exercise price of $17.30 per share. The stock option grant shares vest ratably over 4 years. | ||||||||||||||
In January 2010, a non-employee director was granted options under the 2004 Directors’ Plan to purchase 5,000 shares of the Company’s Common Stock at an exercise price of $7.60 per share. Effective September 30, 2010, the non-employee director resigned as a member of the Board of Directors. In connection with this change, the terms of the equity awards granted to him were modified whereby the vesting attributable to 25% of the 5,000 share stock option grant made on January 20, 2010 was accelerated to the date of his resignation and the exercise period was extended to September 30, 2012. In addition, the vesting attributable to 25% of the 5,000 share restricted stock grant made on June 3, 2010 was accelerated to the date of his resignation. The remaining unvested equity awards were forfeited upon his resignation. Additional stock compensation expense of $6,000 was recognized in 2010 in connection with the modifications of these options. | ||||||||||||||
The following table summarizes stock options outstanding and changes during the year ended December 31, 2012: | ||||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual | Value | |||||||||||||
Term | ||||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2011 | 298,520 | $ | 25.9 | |||||||||||
Granted | 20,000 | $ | 5.2 | |||||||||||
Canceled or forfeited | (1,250 | ) | $ | 7.6 | ||||||||||
Options outstanding at December 31, 2012 | 317,270 | $ | 24.6 | 3.41 | $ | — | ||||||||
Options exercisable at December 31, 2012 | 288,186 | $ | 26.3 | 2.84 | $ | — | ||||||||
The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 was $0, $79,000 and $2,976, respectively. Cash proceeds from options exercised during the years ended December 31, 2012, 2011 and 2010 was $0, $28,234, and $798, respectively. | ||||||||||||||
Stock options outstanding and currently exercisable at December 31, 2012 are as follows: | ||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Stock Option Plan | Number of | Weighted Average | Weighted Average | Number of | Weighted Average | |||||||||
Options | Remaining | Exercise price | Options | Exercise Price | ||||||||||
Outstanding | Contractual Life | Exercisable | ||||||||||||
(in years) | ||||||||||||||
1995 Stock Incentive Plan | 183,406 | 1.6 | $ | 13.1 | 183,406 | $ | 13.1 | |||||||
2004 Employee Incentive Plan | 40,741 | 5.6 | 34.5 | 36,657 | 37.2 | |||||||||
2004 Directors Plan | 93,123 | 6 | 43 | 68,123 | 56.1 | |||||||||
317,270 | 3.4 | $ | 24.6 | 288,186 | $ | 26.3 | ||||||||
Total estimated unrecognized compensation cost from unvested stock options as of December 31, 2012 was approximately $127,000, which is expected to be recognized over a weighted average period of approximately 1 to 2 years. | ||||||||||||||
The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are expected stock price volatility, the expected pre-vesting forfeiture rate and the expected option term (the amount of time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical stock price movements through the measurement date of the stock option grant. Expected pre-vesting forfeitures and option terms were estimated based on actual historical pre-vesting forfeitures. The exercise price for the options granted under the plans is the fair market value of the Common Stock on the date granted. The terms of the options are determined by the Board of Directors upon grant; however, no options may be exercised after a period of ten years. | ||||||||||||||
Using the Black-Scholes option pricing model, the assumptions for grants in 2012: fair market value: $6.70 and $5.20; expected volatility of 72% and 84%; and risk-free interest rate of 0.5% and 3.5%. An expected life of 1.0 years and 7.7 years was used for the options granted. The weighted average fair value of the options granted in 2012 was $6.00. | ||||||||||||||
Using the Black-Scholes option pricing model, the assumptions for grants in 2011: fair market value: $11.41, $12.80 and $7.60; expected volatility of 91%, 87% and 93%; and risk-free interest rate of 2.75%, 1.875% and 3.0%. An expected life of 7.69 years, 6.31 years and 5 years was used for the options granted. The weighted average fair value of the options granted in 2011 was $13.20. | ||||||||||||||
Using the Black-Scholes option pricing model, the assumptions for grants in 2010: fair market value: $7.30, $7.00, $6.90 and $25.20; expected volatility of 144%, 147%, 103% and 89%; and risk-free interest rate of 4.25%, 4.75%, 3.75% and 3.125%. An expected life of 7.91 years, 7.27 years, 2 years and 6.32 years was used for the options granted. The weighted average fair value of the options granted in 2010 was $17.70. | ||||||||||||||
Restricted Stock Plans | ||||||||||||||
2007 Plan | ||||||||||||||
In 2007, the Board of Directors adopted and the shareholders approved the 2007 Restricted Stock Plan (the “2007 Plan”). The 2007 Plan permits the Company to make Restricted Stock grants of shares of Common Stock to management personnel and other key employees of the Company. Unless otherwise specified by the Committee, the term of the restricted period for any Restricted Stock grant under the 2007 Plan shall not be less than five years from the date of grant. Employee participants who receive Restricted Stock grants will have all of the rights of a stockholder, including the right to vote the 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 Company may issue an aggregate maximum of 150,000 shares of Common Stock under the 2007 Plan. At December 31, 2012, 26,039 shares were available for future grants under the 2007 Plan. | ||||||||||||||
In June 2012, the Company’s Executive Chairman was granted 5,000 shares of restricted common stock of the Company at a value of $6.70 per share under the 2007 Plan. The restricted common stock vests ratably over 4 years. | ||||||||||||||
In March 2012, 10,057 shares of restricted stock were granted to the Company’s President/CEO/COO in connection with the 2011 bonus program. All of these shares vested on the date of grant. | ||||||||||||||
In March 2012, 5,670 shares of restricted stock were granted, respectively to executive officers of the Company in connection with the 2011 bonus program. All of these shares are scheduled to vest three years from the date of grant. | ||||||||||||||
In June 2011, the Company’s Executive Chairman was granted 3,333 shares of restricted common stock of the Company at a value of $17.30 per share under the 2007 Plan. The restricted common stock vests ratably over 4 years. | ||||||||||||||
On January 4, and April 1, 2010, 6,582 and 7,375 shares of restricted stock were granted, respectively to executive officers of the Company in connection with a cash conservation plan for 2010. All of these shares were scheduled to vest one year from the date of grant. On November 12, 2010, 2,000 restricted shares granted to the CEO were cancelled. | ||||||||||||||
In September 2009, the Company hired Donald C. Ewigleben as the Company’s President, CEO and COO. In connection with the hire, the Company granted Mr. Ewigleben a total of 40,000 restricted shares of the Company’s common stock under the 2007 Plan. 10,000 of these shares vest on March 3, 2010; the remaining 30,000 shares vested 1/3 on each of September 3, 2010, 2011 and 2012. The vesting of the last 10,000 restricted shares is subject to certain annual performance objectives as specified in Mr. Ewigleben’s employment agreement. In connection with the 2010 and 2011 performance objectives, 2,000 and 1,667 restricted shares for Mr. Ewigleben were cancelled, respectively. | ||||||||||||||
2004 Directors’ Plan—Restricted Shares | ||||||||||||||
In September 2012, Terence J. Cryan assumed the duties of the Company’s Interim President and CEO. In connection with this Mr. Cryan was granted 5,000 shares of restricted common stock of the Company valued at $5.20 per share. The restricted stock vested 50% on the date of grant and 50% upon the hire of a permanent President and CEO of the Company. | ||||||||||||||
At the June 2012 annual meeting of the stockholders, each of the non-employee directors of the Company was granted 5,000 shares of restricted common stock under the 2004 Directors’ Plan valued at $6.70 per share. The restricted common stock vests ratably over 4 years. | ||||||||||||||
At the June 2011 annual meeting of the stockholders, each of the non-employee directors of the Company was granted 3,333 shares of restricted common stock under the 2004 Directors’ Plan valued at $17.30 per share. The restricted common stock vests ratably over 4 years. | ||||||||||||||
At the June 2010 annual meeting of the stockholders, each of the non-employee directors of the Company was granted 5,000 shares of restricted common stock under the 2004 Directors’ Plan valued at $5.30 per share. Upon the resignation of one of the directors in September 2010, 25% of the 5,000 share was vested on the date of his resignation. The remaining unvested equity awards were forfeited upon his resignation. | ||||||||||||||
The total estimated unrecognized compensation cost from the unvested restricted grants at December 31, 2012 was approximately $252,000, which is expected to be recognized over the weighted average vesting period of 1.5 years. | ||||||||||||||
A summary of the status of non-vested shares for the years ended December 31, 2012 and 2011 is presented below: | ||||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2010 | 49,557 | $ | 8.6 | |||||||||||
Granted | 13,333 | $ | 17.3 | |||||||||||
Vested | (27,907 | ) | $ | 8.5 | ||||||||||
Non-vested at December 31, 2011 | 34,983 | $ | 12 | |||||||||||
Granted | 40,727 | $ | 7.44 | |||||||||||
Vested | (33,172 | ) | $ | 10.1 | ||||||||||
Non-vested at December 31, 2012 | 40,870 | $ | 7.84 | |||||||||||
Restricted stock grants are valued using the fair market value of the stock on the date of grant. | ||||||||||||||
FEDERAL_INCOME_TAXES
FEDERAL INCOME TAXES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
FEDERAL INCOME TAXES | ' | ||||||||||||||||
FEDERAL INCOME TAXES | ' | ||||||||||||||||
11. FEDERAL INCOME TAXES | |||||||||||||||||
The deferred federal income tax asset (liability) consists of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||||||
Property development costs-net of amortization | $ | 12,230,000 | $ | 10,444,000 | $ | 11,090,000 | |||||||||||
Accelerated depreciation | (294,000 | ) | (105,000 | ) | (151,000 | ) | |||||||||||
Restoration reserves | (2,681,000 | ) | (2,080,000 | ) | (1,560,000 | ) | |||||||||||
Net operating loss carry-forwards utilized | 996,000 | 143,000 | — | ||||||||||||||
Net operating loss and percentage depletion carry-forwards | 57,724,000 | 39,496,000 | 34,766,000 | ||||||||||||||
Valuation allowance and other-net | (67,975,000 | ) | (47,898,000 | ) | (44,145,000 | ) | |||||||||||
Total deferred income tax asset (liability) | $ | — | $ | — | $ | — | |||||||||||
Major items causing the Company’s tax provision to differ from the federal statutory rate of 34% were: | |||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||
Income | Income | Income | |||||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||||||
Pretax income (loss) | $ | (19,360,853 | ) | $ | (11,065,842 | ) | $ | (11,803,719 | ) | ||||||||
Pretax income (loss) times statutory tax rate | (6,582,690 | ) | 34 | % | (3,762,386 | ) | 34 | % | (4,013,264 | ) | 34 | % | |||||
Increases (decreases) in taxes resulting from: | |||||||||||||||||
Change in valuation allowance | 6,582,690 | -34 | % | 3,762,386 | -34 | % | 4,013,264 | -34 | % | ||||||||
Income tax benefit | $ | — | 0 | % | $ | — | 0 | % | $ | — | 0 | % | |||||
The Company also has available for regular federal income tax purposes at December 31, 2012 estimated net operating loss (“NOL”) carry-forwards of approximately $167 million, before limitations which expire primarily in 2013 through 2032, if not previously utilized. This includes approximately $29.6 million in NOL’s associated with the Neutron acquisition. Following the issuance of the Company’s Common Stock in 2001 and the Neutron acquisition in 2012, the ability to utilize the NOL’s will be severely limited on an annual and aggregate basis. For this reason, and due to no expectation of profitable operations in the near future, the NOL has a full valuation allowance and is not shown as a deferred tax asset in the table above. | |||||||||||||||||
The Company’s tax years ended 2006 to 2011 remain open to examination for Federal tax purposes. | |||||||||||||||||
OTHER_LONGTERM_LIABILITIES_AND
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | ' | |||||||
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | ' | |||||||
12. OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | ||||||||
Other long-term liabilities and deferred credits on the balance sheet consisted of: | ||||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Reserve for future restoration and reclamation costs (Asset Retirement Obligations), net of current portion of $1,160,000 and $1,227,000 in 2012 and 2011, respectively. (Note 3) | $ | 3,337,679 | $ | 3,508,634 | ||||
Royalties payable | 500,000 | 500,000 | ||||||
$ | 3,837,679 | $ | 4,008,634 | |||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2012 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
13. COMMITMENTS AND CONTINGENCIES | |
The Company’s mining 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 mine 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. | |
The Company is from time to time involved in various legal proceedings of a character normally incident to its business. Management believes it has meritorious defenses in all such proceedings and is not aware of any material adverse effect on the Company’s financial condition or results of operations from such proceedings. | |
Temporary Access Agreement | |
In July 2012, the Company through its subsidiary HRI, and the Navajo Nation entered into a Temporary Access Agreement (the “Agreement”). Under the terms of the Agreement, HRI and its contractors may now access Section 8 through either Section 9 or 17 to support site visits by the Nuclear Regulatory Commission and to satisfy other administrative permitting and licensing requirements related to the Churchrock Project. The Agreement does not extend to construction-related or earth-disturbing activities. HRI has further agreed to remediate any radioactive contamination now existing on Sections 8 and 17 surface lands created by prior operators prior to commencing mining operations on Section 8. Under the terms and for the duration of this Agreement, HRI has agreed to the jurisdiction of the Navajo Nation with respect to the subject matter of the Agreement. HRI and the Nation are now actively engaged in settlement negotiations in order to determine effective compliance with the remediation requirement included in the Agreement, including applicable clean-up standards, enforcement, and waste disposal, and to address longer-term surface access to the entire licensed Project site consistent with applicable law. If further agreement with the Nation is not reached, our development plan could be materially adversely affected. | |
Registration Statement | |
In connection with our May 2008 private placement, the Company executed a registration rights agreement pursuant to which the shares issued in the private placement were registered. The registration rights agreement provides for penalties in the event the registration statement fails to remain effective. At December 31, 2012, the Company’s registration statement was and remains effective. | |
Compensation Agreements | |
The Company has entered into Compensation Agreements with the certain of the Executive Officers of the Company, that provide that, in the event of a change in control, such officers will have certain rights and benefits for a period of twenty-four months following such change in control. The Compensation Agreements provide that the executive’s base salary payments shall be made on a monthly basis for the duration of the term and any incentive payments shall be paid annually until the obligation to make such payments expires. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2012 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
14. SUBSEQUENT EVENT | |
Immediately following the close of trading on January 22, 2013, the Company affected 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 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split. | |
In March, 2013 the Company completed a Shareholder Rights Offering (the “Rights Offering”) which raised $8.9 million through the sale of 3.5 million shares of the Company’s common stock. In connection with the Rights Offering, $5.0 million was used to repay the RCF short term loan facility and RCF was issued 1.96 million shares of the Company’s common stock bringing their ownership percentage in the Company to 32.8%. Under the Rights Offering, each URI shareholder 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 (the “Record Date”). Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. In December 2012, URI and RCF entered into a standby purchase agreement pursuant to which RCF agreed, subject to certain conditions, to participate in the Rights Offering and to exercise rights so that total proceeds to the Company would equal at least $8.0 million. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of URI and its wholly-owned subsidiaries (collectively “the Company”). All significant intercompany transactions have been eliminated in consolidation. | ||||||||
Reverse Stock Split | ' | |||||||
Reverse Stock Split | ||||||||
Immediately following the close of trading on January 22, 2013 the Company affected 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 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split. | ||||||||
Consolidated Statements of Cash Flows | ' | |||||||
Consolidated Statements of Cash Flows | ||||||||
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. | ||||||||
Uranium Properties | ' | |||||||
Uranium Properties | ||||||||
Expenditures related to acquisition of mineral rights are capitalized as incurred. Exploration costs related to locating areas of potential mineralization are expensed as incurred. Commercial feasibility is established in compliance with the U.S. Securities and Exchange Commission Industry Guide 7, and consists of identifying that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. After declaring proven or probable reserves for an area of interest in accordance with Industry Guide7, expenditures specific to the area of interest for further development are capitalized. All properties with significant acquisition or incurred costs are evaluated for their realizability on a property-by-property basis. Any impairment of such costs is recognized through a reduction in the net carrying value of the asset. (See Note 6—“PROPERTY, PLANT AND EQUIPMENT - Uranium Properties”). | ||||||||
Included in mineral rights and properties are costs in the amount of $20,274,000 for what management classifies as value beyond proven and probable reserves (VBPP), primarily resulting from the Neutron acquisition. VBPP is attributable to (i) mineralized material, which includes measured and indicated amounts, that the Company believes could be brought into production with the establishment or modification of required permits and should market conditions and technical assessments warrant, (ii) inferred mineral resources and (iii) exploration potential. | ||||||||
Carrying amounts assigned to VBPP are not charged to expense until the VBPP becomes associated with additional proven and probable reserves and the reserves are produced or the VBPP is determined to be impaired. Additions to proven and probable reserves for properties with VBPP will carry with them the value assigned to VBPP at the date acquired, less any impairment amounts. | ||||||||
Depreciation and Depletion. During the periods that our facilities are not in production, depletion on our mineral interests, permits, licenses and development properties are suspended. Depreciation and depletion of our plant facilities, machinery and equipment continues in accordance with the level of stand-by activity being conducted at each site. | ||||||||
Other ancillary plant equipment and vehicles are depreciated using a straight line method based upon the estimated useful lives of the assets. | ||||||||
Other Property, Plant and Equipment | ' | |||||||
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. | ||||||||
Restricted Cash | ' | |||||||
Restricted Cash | ||||||||
At December 31, 2012 and 2011, the Company had pledged certificates of deposit and money market accounts of $9,492,000 and $9,380,000, respectively, in order to collateralize letters of credit 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. | ||||||||
Restoration and Remediation Costs (Asset Retirement Obligations) | ' | |||||||
Restoration and Remediation Costs (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 mine projects to the pre-existing mine area average quality after the completion of mining. The Company records the estimated present value of reclamation liabilities and increases the carrying amount of the related asset. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. | ||||||||
Future reclamation and remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at each project. Such estimates are determined by the Company’s engineering studies calculating the cost of future surface and groundwater activities. | ||||||||
The following table shows the change in the balance of the restoration and reclamation liability (Asset Retirement Obligation) during the years ended December 31, 2012 and 2011: | ||||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Reserve for future restoration and reclamation costs at January 1, | $ | 4,735,759 | $ | 5,043,645 | ||||
Changes in cash flow estimates | 1,444,406 | 1,101,234 | ||||||
Costs incurred | (1,767,289 | ) | (1,530,303 | ) | ||||
Accretion expense | 85,181 | 121,183 | ||||||
Reserve for future restoration and reclamation costs at December 31, | $ | 4,498,057 | $ | 4,735,759 | ||||
Contingent Liabilities-Off Balance Sheet Arrangements | ' | |||||||
Contingent Liabilities—Off Balance Sheet Arrangements | ||||||||
The Company has obtained financial surety relating to certain of its future restoration and reclamation obligations as required by the State of Texas regulatory agencies. The Company has bank Letters of Credit (the “L/Cs”) and performance bonds totaling $8,707,000 issued for the benefit of the Company to satisfy such regulatory requirements. The L/Cs were issued by Bank of America and the performance bonds have been issued by United States Fidelity and Guaranty Company (“USF&G”). Such L/Cs are collateralized in their entirety by certificates of deposit and money market deposits. | ||||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
All per share data herein has been retroactively adjusted for the 1 for 10 reverse stock split that occurred following the close of trading on January 22, 2013. | ||||||||
Net earnings (loss) per common share—basic has been calculated based on the weighted average shares outstanding during the year and net earnings (loss) per common share—diluted has been calculated assuming the exercise or conversion of all dilutive securities. Due to net losses incurred for 2012, 2011 and 2010 there were no dilutive securities included in these years as their inclusion would be anti-dilutive. | ||||||||
The potential dilutive Common Stock that was excluded from the calculation of diluted earnings per share was 403,274 in 2012, 454,885 in 2011, and 594,714 in 2010. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions. Such estimates and assumptions may 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 more significant areas requiring the use of management estimates include mineral reserve estimation; useful asset lives for depreciation, depletion and amortization; environmental obligations; future restoration and reclamation costs; share based compensation expense; and asset impairment, including estimates used to derive future cash flows associated with those assets. | ||||||||
Specifically regarding uranium properties, significant estimates were utilized in determining the carrying value of these assets. These assets have been recorded at their estimated net realizable value for impairment purposes, which is less than cost. The actual value realized from these assets may vary significantly from these estimates based upon market conditions, financing availability and other factors. Future market conditions in particular can be difficult to predict and measure because of the impact of events that affect public acceptance of nuclear energy, the limited size of the market for the use of uranium, changes in the prices of alternative energy sources, development of new low-cost alternative energy sources and other factors. | ||||||||
Regarding the reserve for future restoration and reclamation costs, significant estimates were utilized in determining the future costs to complete the groundwater restoration and surface reclamation at our mine sites. Estimating future costs can be difficult and unpredictable because they are based principally on current legal and regulatory requirements and mine closure plans that may change materially. The laws and regulations governing mine closure and remediation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions which may cause our provisions for environmental liabilities to be underestimated and could materially affect the Company’s financial position or results of operations. Estimates of future restoration and reclamation costs are also subject to operational risks such as acceptance of treatment techniques or other operational changes. | ||||||||
Also, the calculation of reserves, other mineralized material and grading are estimates and depend upon geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to the calculation of reserves, mineralized material and corresponding grades. Until reserves and other mineralized materials are actually mined and processed, the quantity of ore and grades must be considered as an estimate only. In addition, the quantity of reserves and other mineralized materials and ore may vary depending on the price of uranium. Any material change in the quantity of reserves, other mineralized materials, mineralization or grade may affect the economic viability of our properties. | ||||||||
Risks and Uncertainties | ' | |||||||
Risks and Uncertainties | ||||||||
Historically, the market for uranium has experienced significant price fluctuations. Prices are significantly impacted by global supply and demand, which is affected by the demand for nuclear power, political, and economic conditions, governmental legislation in uranium producing and consuming countries, and production levels and costs of production of other producing companies. Increases or decreases in prices received could have a significant impact on the Company’s future results of operations. | ||||||||
Reclassifications | ' | |||||||
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. | ||||||||
Recently Issued Accounting Pronouncements | ' | |||||||
Recently Issued Accounting Pronouncements | ||||||||
In January 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 states the intended scope of disclosures required by ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” apply to derivatives and hedging transactions. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this guidance is not anticipated to have an effect on the Company’s consolidated financial position, results of operations, or cash flows. | ||||||||
RESTATEMENT_Tables
RESTATEMENT (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2012 | |||||||||||
RESTATEMENT | ' | ||||||||||
Schedule of effects of the restatement adjustments on financial statements | ' | ||||||||||
Consolidated Balance Sheet | |||||||||||
December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 109,033,002 | $ | (8,974,335 | ) | $ | 100,058,667 | ||||
Total Assets | 58,578,770 | (8,974,335 | ) | 49,604,435 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (162,201,908 | ) | (8,974,335 | ) | (171,176,243 | ) | |||||
Total shareholders’ equity | 45,143,377 | (8,974,335 | ) | 36,169,042 | |||||||
Total liabilities and shareholders’ equity | 58,578,770 | (8,974,335 | ) | 49,604,435 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 492,858 | $ | 3,736,480 | $ | 4,229,338 | |||||
Total cost of uranium sales | 5,276,471 | 3,736,480 | 9,012,951 | ||||||||
Loss from operations before corporate expenses | (5,276,471 | ) | (3,736,480 | ) | (9,012,951 | ) | |||||
Loss from operations | (15,836,302 | ) | (3,736,480 | ) | (19,572,782 | ) | |||||
Net Loss | (15,624,373 | ) | (3,736,480 | ) | (19,360,853 | ) | |||||
Basic and diluted net loss per common share | (1.28 | ) | (0.30 | ) | (1.58 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (15,624,373 | ) | $ | (3,736,480 | ) | $ | (19,360,853 | ) | ||
Additions to uranium properties | (5,015,225 | ) | 3,736,480 | (1,278,745 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 83,637,321 | $ | (5,237,855 | ) | $ | 78,399,466 | ||||
Total Assets | 31,404,929 | (5,237,855 | ) | 26,167,074 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (146,577,535 | ) | (5,237,855 | ) | (151,815,390 | ) | |||||
Total shareholders’ equity | 23,411,293 | (5,237,855 | ) | 18,173,438 | |||||||
Total liabilities and shareholders’ equity | 31,404,929 | (5,237,855 | ) | 26,167,074 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 17,918 | $ | (133,555 | ) | $ | (115,637 | ) | |||
Total cost of uranium sales | 2,847,053 | (133,555 | ) | 2,713,498 | |||||||
Loss from operations before corporate expenses | (2,847,053 | ) | 133,555 | (2,713,498 | ) | ||||||
Loss from operations | (11,375,749 | ) | 133,555 | (11,242,194 | ) | ||||||
Net Loss | (11,199,397 | ) | 133,555 | (11,065,842 | ) | ||||||
Basic and diluted net loss per common share | (1.20 | ) | 0.02 | (1.18 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (11,199,397 | ) | $ | 133,555 | $ | (11,065,842 | ) | |||
Additions to uranium properties | (322,295 | ) | (133,555 | ) | (455,850 | ) | |||||
Consolidated Balance Sheet | |||||||||||
December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 83,895,090 | $ | (5,371,410 | ) | $ | 78,523,680 | ||||
Total Assets | 42,561,515 | (5,371,410 | ) | 37,190,105 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (135,378,138 | ) | (5,371,410 | ) | (140,749,548 | ) | |||||
Total shareholders’ equity | 32,676,867 | (5,371,410 | ) | 27,305,457 | |||||||
Total liabilities and shareholders’ equity | 42,561,515 | (5,371,410 | ) | 37,190,105 | |||||||
Consolidated Statement of Operations | |||||||||||
Year Ended December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 1,646 | $ | 1,449,152 | $ | 1,450,798 | |||||
Total cost of uranium sales | 2,270,007 | 1,449,152 | 3,719,159 | ||||||||
Loss from operations before corporate expenses | (2,270,007 | ) | (1,449,152 | ) | (3,719,159 | ) | |||||
Loss from operations | (10,700,040 | ) | (1,449,152 | ) | (12,149,192 | ) | |||||
Net Loss | (10,354,567 | ) | (1,449,152 | ) | (11,803,719 | ) | |||||
Basic and diluted net loss per common share | (1.43 | ) | (0.20 | ) | (1.63 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Year Ended December 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (10,354,567 | ) | $ | (1,449,152 | ) | $ | (11,803,719 | ) | ||
Addition to uranium properties | (1,814,537 | ) | 1,449,152 | (365,385 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 84,544,667 | $ | (5,841,050 | ) | $ | 78,703,617 | ||||
Total Assets | 40,431,532 | (5,841,050 | ) | 34,590,482 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (150,184,005 | ) | (5,841,050 | ) | (156,025,055 | ) | |||||
Total shareholders’ equity | 31,488,394 | (5,841,050 | ) | 25,647,344 | |||||||
Total liabilities and shareholders’ equity | 40,431,532 | (5,841,050 | ) | 34,590,482 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 26,715 | $ | 603,195 | $ | 629,910 | |||||
Total cost of uranium sales | 655,487 | 603,195 | 1,258,682 | ||||||||
Loss from operations before corporate expenses | (655,487 | ) | (603,195 | ) | (1,258,682 | ) | |||||
Loss from operations | (3,700,507 | ) | (603,195 | ) | (4,303,702 | ) | |||||
Net Loss | (3,606,470 | ) | (603,195 | ) | (4,209,665 | ) | |||||
Basic and diluted net loss per common share | (0.37 | ) | (0.06 | ) | (0.43 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (3,606,470 | ) | $ | (603,195 | ) | $ | (4,209,665 | ) | ||
Additions to uranium properties | (964,621 | ) | 603,195 | (361,426 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 86,692,812 | $ | (7,414,436 | ) | $ | 79,278,376 | ||||
Total Assets | 37,373,332 | (7,414,436 | ) | 29,958,896 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (153,844,684 | ) | (7,414,436 | ) | (161,259,120 | ) | |||||
Total shareholders’ equity | 27,889,996 | (7,414,436 | ) | 20,475,560 | |||||||
Total liabilities and shareholders’ equity | 37,373,332 | (7,414,436 | ) | 29,958,896 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 30,744 | $ | 1,573,386 | $ | 1,604,130 | |||||
Total cost of uranium sales | 1,571,642 | 1,573,386 | 3,145,028 | ||||||||
Loss from operations before corporate expenses | (1,571,642 | ) | (1,573,386 | ) | (3,145,028 | ) | |||||
Loss from operations | (3,787,151 | ) | (1,573,386 | ) | (5,360,537 | ) | |||||
Net Loss | (3,660,679 | ) | (1,573,386 | ) | (5,234,065 | ) | |||||
Basic and diluted net loss per common share | (0.34 | ) | (0.15 | ) | (0.49 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 57,459 | $ | 2,176,581 | $ | 2,234,040 | |||||
Total cost of uranium sales | 2,227,129 | 2,176,581 | 4,403,710 | ||||||||
Loss from operations before corporate expenses | (2,227,129 | ) | (2,176,581 | ) | (4,403,710 | ) | |||||
Loss from operations | (7,487,658 | ) | (2,176,581 | ) | (9,664,239 | ) | |||||
Net Loss | (7,267,149 | ) | (2,176,581 | ) | (9,443,730 | ) | |||||
Basic and diluted net loss per common share | (0.71 | ) | (0.21 | ) | (0.92 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (7,267,149 | ) | $ | (2,176,581 | ) | $ | (9,443,730 | ) | ||
Additions to uranium properties | (3,155,448 | ) | 2,176,581 | (978,867 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Assets | |||||||||||
Property, plant and equipment | $ | 108,434,518 | $ | (8,383,691 | ) | $ | 100,050,827 | ||||
Total Assets | 57,289,865 | (8,383,691 | ) | 48,906,174 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (158,065,598 | ) | (8,383,691 | ) | (166,449,289 | ) | |||||
Total shareholders’ equity | 48,129,901 | (8,383,691 | ) | 39,746,210 | |||||||
Total liabilities and shareholders’ equity | 57,289,865 | (8,383,691 | ) | 48,906,174 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 12,402 | $ | 969,255 | $ | 981,657 | |||||
Total cost of uranium sales | 1,199,786 | 969,255 | 2,169,041 | ||||||||
Loss from operations before corporate expenses | (1,199,786 | ) | (969,255 | ) | (2,169,041 | ) | |||||
Loss from operations | (4,235,360 | ) | (969,255 | ) | (5,204,615 | ) | |||||
Net Loss | (4,220,914 | ) | (969,255 | ) | (5,190,169 | ) | |||||
Basic and diluted net loss per common share | (0.34 | ) | (0.08 | ) | (0.42 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Mineral property expenses | $ | 69,861 | $ | 3,145,836 | $ | 3,215,697 | |||||
Total cost of uranium sales | 3,426,915 | 3,145,836 | 6,572,751 | ||||||||
Loss from operations before corporate expenses | (3,426,915 | ) | (3,145,836 | ) | (6,572,751 | ) | |||||
Loss from operations | (11,723,018 | ) | (3,145,836 | ) | (14,868,854 | ) | |||||
Net Loss | (11,488,063 | ) | (3,145,836 | ) | (14,633,899 | ) | |||||
Basic and diluted net loss per common share | (1.05 | ) | (0.29 | ) | (1.34 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
Net Loss | $ | (11,488,063 | ) | $ | (3,145,836 | ) | $ | (14,633,899 | ) | ||
Additions to uranium properties | (4,278,130 | ) | 3,145,836 | (1,132,294 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,987,152 | (5,445,882 | ) | 78,541,270 | |||||||
Total Assets | 38,772,593 | (5,445,882 | ) | 33,326,711 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (138,404,631 | ) | (5,445,882 | ) | (143,850,513 | ) | |||||
Total shareholders’ equity | 30,748,593 | (5,445,882 | ) | 25,302,711 | |||||||
Total liabilities and shareholders’ equity | 38,772,593 | (5,445,882 | ) | 33,326,711 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 91,898 | 74,472 | 166,370 | ||||||||
Total cost of uranium sales | 759,889 | 74,472 | 834,361 | ||||||||
Loss from operations before corporate expenses | (759,889 | ) | (74,472 | ) | (834,361 | ) | |||||
Loss from operations | (3,093,759 | ) | (74,472 | ) | (3,168,231 | ) | |||||
Net loss | (3,026,493 | ) | (74,472 | ) | (3,100,965 | ) | |||||
Basic and diluted net loss per common share | (0.32 | ) | (0.01 | ) | (0.33 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (3,026,493 | ) | (74,472 | ) | (3,100,965 | ) | |||||
Additions to uranium properties | (222,265 | ) | 74,472 | (147,793 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,511,677 | (5,154,556 | ) | 78,357,121 | |||||||
Total Assets | 35,940,521 | (5,154,556 | ) | 30,785,965 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (141,097,312 | ) | (5,154,556 | ) | (146,251,868 | ) | |||||
Total shareholders’ equity | 28,255,567 | (5,154,556 | ) | 23,101,011 | |||||||
Total liabilities and shareholders’ equity | 35,940,521 | (5,154,556 | ) | 30,785,965 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 16,789 | (291,326 | ) | (274,537 | ) | ||||||
Total cost of uranium sales | 702,206 | (291,326 | ) | 410,880 | |||||||
Loss from operations before corporate expenses | (702,206 | ) | 291,326 | (410,880 | ) | ||||||
Loss from operations | (2,704,420 | ) | 291,326 | (2,413,094 | ) | ||||||
Net loss | (2,692,681 | ) | 291,326 | (2,401,355 | ) | ||||||
Basic and diluted net loss per common share | (0.29 | ) | 0.03 | (0.26 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 108,687 | (216,854 | ) | (108,167 | ) | ||||||
Total cost of uranium sales | 1,462,095 | (216,854 | ) | 1,245,241 | |||||||
Loss from operations before corporate expenses | (1,462,095 | ) | 216,854 | (1,245,241 | ) | ||||||
Loss from operations | (5,798,179 | ) | 216,854 | (5,581,325 | ) | ||||||
Net loss | (5,719,174 | ) | 216,854 | (5,502,320 | ) | ||||||
Basic and diluted net loss per common share | (0.61 | ) | 0.02 | (0.59 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (5,719,174 | ) | 216,854 | (5,502,320 | ) | ||||||
Additions to uranium properties | (8,041 | ) | (216,854 | ) | (224,895 | ) | |||||
Consolidated Balance Sheet | |||||||||||
September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 83,557,195 | (5,194,436 | ) | 78,362,759 | |||||||
Total Assets | 33,744,608 | (5,194,436 | ) | 28,550,172 | |||||||
Shareholders’ equity | |||||||||||
Accumulated deficit | (143,884,558 | ) | (5,194,436 | ) | (149,078,994 | ) | |||||
Total shareholders’ equity | 25,626,119 | (5,194,436 | ) | 20,431,683 | |||||||
Total liabilities and shareholders’ equity | 33,744,608 | (5,194,436 | ) | 28,550,172 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | (25,816 | ) | 39,880 | 14,064 | |||||||
Total cost of uranium sales | 773,241 | 39,880 | 813,121 | ||||||||
Loss from operations before corporate expenses | (773,241 | ) | (39,880 | ) | (813,121 | ) | |||||
Loss from operations | (2,827,097 | ) | (39,880 | ) | (2,866,977 | ) | |||||
Net loss | (2,787,246 | ) | (39,880 | ) | (2,827,126 | ) | |||||
Basic and diluted net loss per common share | (0.30 | ) | — | (0.30 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 82,871 | (176,974 | ) | (94,103 | ) | ||||||
Total cost of uranium sales | 2,235,336 | (176,974 | ) | 2,058,362 | |||||||
Loss from operations before corporate expenses | (2,235,336 | ) | 176,974 | (2,058,362 | ) | ||||||
Loss from operations | (8,625,276 | ) | 176,974 | (8,448,302 | ) | ||||||
Net loss | (8,506,420 | ) | 176,974 | (8,329,446 | ) | ||||||
Basic and diluted net loss per common share | (0.91 | ) | 0.02 | (0.89 | ) | ||||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2011 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (8,506,420 | ) | 176,974 | (8,329,446 | ) | ||||||
Additions to uranium properties | (114,778 | ) | (176,974 | ) | (291,752 | ) | |||||
Consolidated Balance Sheet | |||||||||||
March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,463,604 | (3,992,568 | ) | 78,471,036 | |||||||
Total Assets | 29,668,196 | (3,992,568 | ) | 25,675,628 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (127,371,721 | ) | (3,992,568 | ) | (131,364,289 | ) | |||||
Total shareholders’ equity | 20,788,394 | (3,992,568 | ) | 16,795,826 | |||||||
Total liabilities and shareholders’ equity | 29,668,196 | (3,992,568 | ) | 25,675,628 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 0 | 70,309 | 70,309 | ||||||||
Total cost of uranium sales | 587,199 | 70,309 | 657,508 | ||||||||
Loss from operations before corporate expenses | (587,199 | ) | (70,309 | ) | (657,508 | ) | |||||
Loss from operations | (2,345,448 | ) | (70,309 | ) | (2,415,757 | ) | |||||
Net loss | (2,348,150 | ) | (70,309 | ) | (2,418,459 | ) | |||||
Basic and diluted net loss per common share | (0.41 | ) | (0.01 | ) | (0.42 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended March 31, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (2,348,150 | ) | (70,309 | ) | (2,418,459 | ) | |||||
Additions to uranium properties | (160,394 | ) | 70,309 | (90,085 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,492,622 | (4,019,098 | ) | 78,473,524 | |||||||
Total Assets | 37,051,948 | (4,019,098 | ) | 33,032,850 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (129,092,277 | ) | (4,019,098 | ) | (133,111,375 | ) | |||||
Total shareholders’ equity | 28,297,310 | (4,019,098 | ) | 24,278,212 | |||||||
Total liabilities and shareholders’ equity | 37,051,948 | (4,019,098 | ) | 33,032,850 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 26,530 | 27,255 | ||||||||
Total cost of uranium sales | 500,617 | 26,530 | 527,147 | ||||||||
Loss from operations before corporate expenses | (500,617 | ) | (26,530 | ) | (527,147 | ) | |||||
Loss from operations | (1,992,230 | ) | (26,530 | ) | (2,018,760 | ) | |||||
Net loss | (1,720,556 | ) | (26,530 | ) | (1,747,086 | ) | |||||
Basic and diluted net loss per common share | (0.29 | ) | — | (0.29 | ) | ||||||
Consolidated Statement of Operations | |||||||||||
Six Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 96,839 | 97,564 | ||||||||
Total cost of uranium sales | 1,087,816 | 96,839 | 1,184,655 | ||||||||
Loss from operations before corporate expenses | (1,087,816 | ) | (96,839 | ) | (1,184,655 | ) | |||||
Loss from operations | (4,337,678 | ) | (96,839 | ) | (4,434,517 | ) | |||||
Net loss | (4,068,706 | ) | (96,839 | ) | (4,165,545 | ) | |||||
Basic and diluted net loss per common share | (0.70 | ) | (0.02 | ) | (0.72 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Six Months Ended June 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (4,068,706 | ) | (96,839 | ) | (4,165,545 | ) | |||||
Additions to uranium properties | (207,787 | ) | 96,839 | (110,948 | ) | ||||||
Consolidated Balance Sheet | |||||||||||
September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Assets | |||||||||||
Property, plant and equipment | 82,670,939 | (4,152,861 | ) | 78,518,078 | |||||||
Total Assets | 36,185,372 | (4,152,861 | ) | 32,032,511 | |||||||
Shareholders’ equity | 0 | ||||||||||
Accumulated deficit | (132,756,758 | ) | (4,152,861 | ) | (136,909,619 | ) | |||||
Total shareholders’ equity | 26,127,217 | (4,152,861 | ) | 21,974,356 | |||||||
Total liabilities and shareholders’ equity | 36,185,372 | (4,152,861 | ) | 32,032,511 | |||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 0 | 133,763 | 133,763 | ||||||||
Total cost of uranium sales | 645,637 | 133,763 | 779,400 | ||||||||
Loss from operations before corporate expenses | (645,637 | ) | (133,763 | ) | (779,400 | ) | |||||
Loss from operations | (3,730,998 | ) | (133,763 | ) | (3,864,761 | ) | |||||
Net loss | (3,664,481 | ) | (133,763 | ) | (3,798,244 | ) | |||||
Basic and diluted net loss per common share | (0.44 | ) | (0.02 | ) | (0.46 | ) | |||||
Consolidated Statement of Operations | |||||||||||
Nine Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Mineral property expenses | 725 | 230,602 | 231,327 | ||||||||
Total cost of uranium sales | 1,733,453 | 230,602 | 1,964,055 | ||||||||
Loss from operations before corporate expenses | (1,733,453 | ) | (230,602 | ) | (1,964,055 | ) | |||||
Loss from operations | (8,068,676 | ) | (230,602 | ) | (8,299,278 | ) | |||||
Net loss | (7,733,187 | ) | (230,602 | ) | (7,963,789 | ) | |||||
Basic and diluted net loss per common share | (1.16 | ) | (0.03 | ) | (1.19 | ) | |||||
Consolidated Statement of Cash Flows | |||||||||||
Nine Months Ended September 30, 2010 | |||||||||||
As Reported | Adjustment | As Restated | |||||||||
$ | $ | $ | |||||||||
Net loss | (7,733,187 | ) | (230,602 | ) | (7,963,789 | ) | |||||
Additions to uranium properties | (456,898 | ) | 230,602 | (226,296 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
Schedule of change in the balance of the restoration and reclamation liability | ' | |||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Reserve for future restoration and reclamation costs at January 1, | $ | 4,735,759 | $ | 5,043,645 | ||||
Changes in cash flow estimates | 1,444,406 | 1,101,234 | ||||||
Costs incurred | (1,767,289 | ) | (1,530,303 | ) | ||||
Accretion expense | 85,181 | 121,183 | ||||||
Reserve for future restoration and reclamation costs at December 31, | $ | 4,498,057 | $ | 4,735,759 |
MERGER_AND_FINANCING_AGREEMENT1
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | ' | |||||||
Schedule of acquisition date estimated fair value of each class of consideration transferred | ' | |||||||
Common shares | $ | 16,577,000 | ||||||
Note receivable—Neutron | 3,559,000 | |||||||
Total purchase price | $ | 20,136,000 | ||||||
Schedule of preliminary allocation of total purchase price to net tangible assets | ' | |||||||
Cash | $ | 28,000 | ||||||
Restricted cash | 273,000 | |||||||
Other current assets | 11,000 | |||||||
Uranium properties—value beyond proven and probable | 20,274,000 | |||||||
Other property, plant and equipment | 323,000 | |||||||
Other non-current assets | 12,000 | |||||||
Total assets | 20,921,000 | |||||||
Total current liabilities | 785,000 | |||||||
Total liabilities | 785,000 | |||||||
Net tangible and intangible assets acquired | $ | 20,136,000 | ||||||
Schedule of unaudited pro forma information of Neutron acquisition | ' | |||||||
Unaudited | ||||||||
Pro Forma Financial Data | ||||||||
Years ended December 31 | ||||||||
2012 | 2011 | |||||||
Revenue | $ | — | $ | — | ||||
Net loss(Restated) | $ | (20,635,981 | ) | $ | (17,545,103 | ) |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
Property, Plant and | ||||||||
Equipment Balances, net | ||||||||
At December 31 | ||||||||
2012 | 2011 | |||||||
Uranium plant | $ | 9,532,000 | $ | 8,971,000 | ||||
Permits and licenses | 174,000 | 496,000 | ||||||
Mineral rights and properties | 20,872,000 | 589,000 | ||||||
Evaluation and delineation | 2,022,000 | 2,022,000 | ||||||
Vehicles/depreciable equipment | 1,435,000 | 776,000 | ||||||
Other uranium properties | 247,000 | 661,000 | ||||||
Other property, plant and equipment | 458,000 | 93,000 | ||||||
Total | $ | 34,740,000 | $ | 13,608,000 |
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
DEBT | ' | |||||||
Summary of long-term debt | ' | |||||||
At December 31, | ||||||||
2012 | 2011 | |||||||
Long-term debt of the Company consists of: | ||||||||
Crownpoint property | $ | 450,000 | $ | 450,000 | ||||
Capital leases | 129,722 | 119,232 | ||||||
579,722 | 569,232 | |||||||
Less—Current portion | (112,140 | ) | (65,161 | ) | ||||
Total long-term debt | $ | 467,582 | $ | 504,071 | ||||
Schedule of maturities of long-term debt and capital leases | ' | |||||||
For the Twelve Months Ended: | Long-Term Debt | Capital Leases | ||||||
December 31, 2013 | $ | — | $ | 119,145 | ||||
December 31, 2014 | — | 24,153 | ||||||
December 31, 2015 | — | 4,579 | ||||||
December 31, 2016 | — | — | ||||||
December 31, 2017 and beyond | 450,000 | — | ||||||
Totals | $ | 450,000 | $ | 147,877 | ||||
Less amounts representing imputed interest | (18,155 | ) | ||||||
Present value of future payments | $ | 129,722 |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2012 | ||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||
Summary of stock options outstanding | ' | |||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual | Value | |||||||||||||
Term | ||||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2011 | 298,520 | $ | 25.9 | |||||||||||
Granted | 20,000 | $ | 5.2 | |||||||||||
Canceled or forfeited | (1,250 | ) | $ | 7.6 | ||||||||||
Options outstanding at December 31, 2012 | 317,270 | $ | 24.6 | 3.41 | $ | — | ||||||||
Options exercisable at December 31, 2012 | 288,186 | $ | 26.3 | 2.84 | $ | — | ||||||||
Schedule of stock options outstanding and currently exercisable | ' | |||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Stock Option Plan | Number of | Weighted Average | Weighted Average | Number of | Weighted Average | |||||||||
Options | Remaining | Exercise price | Options | Exercise Price | ||||||||||
Outstanding | Contractual Life | Exercisable | ||||||||||||
(in years) | ||||||||||||||
1995 Stock Incentive Plan | 183,406 | 1.6 | $ | 13.1 | 183,406 | $ | 13.1 | |||||||
2004 Employee Incentive Plan | 40,741 | 5.6 | 34.5 | 36,657 | 37.2 | |||||||||
2004 Directors Plan | 93,123 | 6 | 43 | 68,123 | 56.1 | |||||||||
317,270 | 3.4 | $ | 24.6 | 288,186 | $ | 26.3 | ||||||||
Summary of the status of non-vested shares | ' | |||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2010 | 49,557 | $ | 8.6 | |||||||||||
Granted | 13,333 | $ | 17.3 | |||||||||||
Vested | (27,907 | ) | $ | 8.5 | ||||||||||
Non-vested at December 31, 2011 | 34,983 | $ | 12 | |||||||||||
Granted | 40,727 | $ | 7.44 | |||||||||||
Vested | (33,172 | ) | $ | 10.1 | ||||||||||
Non-vested at December 31, 2012 | 40,870 | $ | 7.84 |
FEDERAL_INCOME_TAXES_Tables
FEDERAL INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
FEDERAL INCOME TAXES | ' | ||||||||||||||||
Schedule of deferred federal income tax asset (liability) | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||||||
Property development costs-net of amortization | $ | 12,230,000 | $ | 10,444,000 | $ | 11,090,000 | |||||||||||
Accelerated depreciation | (294,000 | ) | (105,000 | ) | (151,000 | ) | |||||||||||
Restoration reserves | (2,681,000 | ) | (2,080,000 | ) | (1,560,000 | ) | |||||||||||
Net operating loss carry-forwards utilized | 996,000 | 143,000 | — | ||||||||||||||
Net operating loss and percentage depletion carry-forwards | 57,724,000 | 39,496,000 | 34,766,000 | ||||||||||||||
Valuation allowance and other-net | (67,975,000 | ) | (47,898,000 | ) | (44,145,000 | ) | |||||||||||
Total deferred income tax asset (liability) | $ | — | $ | — | $ | — | |||||||||||
Schedule of major items causing the Company's tax provision to differ from the federal statutory rate | ' | ||||||||||||||||
For the Twelve Months Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||
Income | Income | Income | |||||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||||||
Pretax income (loss) | $ | (19,360,853 | ) | $ | (11,065,842 | ) | $ | (11,803,719 | ) | ||||||||
Pretax income (loss) times statutory tax rate | (6,582,690 | ) | 34 | % | (3,762,386 | ) | 34 | % | (4,013,264 | ) | 34 | % | |||||
Increases (decreases) in taxes resulting from: | |||||||||||||||||
Change in valuation allowance | 6,582,690 | -34 | % | 3,762,386 | -34 | % | 4,013,264 | -34 | % | ||||||||
Income tax benefit | $ | — | 0 | % | $ | — | 0 | % | $ | — | 0 | % |
OTHER_LONGTERM_LIABILITIES_AND1
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | ' | |||||||
Schedule of other long-term liabilities and deferred credits | ' | |||||||
December 31, | ||||||||
2012 | 2011 | |||||||
Reserve for future restoration and reclamation costs (Asset Retirement Obligations), net of current portion of $1,160,000 and $1,227,000 in 2012 and 2011, respectively. (Note 3) | $ | 3,337,679 | $ | 3,508,634 | ||||
Royalties payable | 500,000 | 500,000 | ||||||
$ | 3,837,679 | $ | 4,008,634 | |||||
DESCRIPTION_OF_THE_COMPANY_Det
DESCRIPTION OF THE COMPANY (Details) | 12 Months Ended |
Dec. 31, 2012 | |
acre | |
lb | |
item | |
DESCRIPTION OF THE COMPANY | ' |
Uranium produced by in-situ recovery (ISR) methods since incorporation (in pounds) | 8,000,000 |
Number of licensed processing facilities | 2 |
Uranium mineral holdings (in acres) | 206,600 |
NRC license to produce uranium (in pounds) | 3,000,000 |
Period over which properties were acquired | '20 years |
Number of properties currently in production | 0 |
RESTATEMENT_Details
RESTATEMENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2010 | Jun. 30, 2010 | Mar. 31, 2010 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $100,050,827 | $79,278,376 | $78,703,617 | $78,362,759 | $78,357,121 | $78,541,270 | $78,518,078 | $78,473,524 | $78,471,036 | $79,278,376 | $78,357,121 | $78,473,524 | $100,050,827 | $78,362,759 | $78,518,078 | $100,058,667 | $78,399,466 | $78,523,680 | ' |
Total Assets | 48,906,174 | 29,958,896 | 34,590,482 | 28,550,172 | 30,785,965 | 33,326,711 | 32,032,511 | 33,032,850 | 25,675,628 | 29,958,896 | 30,785,965 | 33,032,850 | 48,906,174 | 28,550,172 | 32,032,511 | 49,604,435 | 26,167,074 | 37,190,105 | ' |
Shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -166,449,289 | -161,259,120 | -156,025,055 | -149,078,994 | -146,251,868 | -143,850,513 | -136,909,619 | -133,111,375 | -131,364,289 | -161,259,120 | -146,251,868 | -133,111,375 | -166,449,289 | -149,078,994 | -136,909,619 | -171,176,243 | -151,815,390 | -140,749,548 | ' |
Total Shareholders' Equity | 39,746,210 | 20,475,560 | 25,647,344 | 20,431,683 | 23,101,011 | 25,302,711 | 21,974,356 | 24,278,212 | 16,795,826 | 20,475,560 | 23,101,011 | 24,278,212 | 39,746,210 | 20,431,683 | 21,974,356 | 36,169,042 | 18,173,438 | 27,305,457 | ' |
Total liabilities and shareholders' equity | 48,906,174 | 29,958,896 | 34,590,482 | 28,550,172 | 30,785,965 | 33,326,711 | 32,032,511 | 33,032,850 | 25,675,628 | 29,958,896 | 30,785,965 | 33,032,850 | 48,906,174 | 28,550,172 | 32,032,511 | 49,604,435 | 26,167,074 | 37,190,105 | ' |
Consolidated Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral property expenses | 981,657 | 1,604,130 | 629,910 | 14,064 | -274,537 | 166,370 | 133,763 | 27,255 | 70,309 | 2,234,040 | -108,167 | 97,564 | 3,215,697 | -94,103 | 231,327 | 4,229,338 | -115,637 | 1,450,798 | ' |
Total cost of uranium sales | 2,169,041 | 3,145,028 | 1,258,682 | 813,121 | 410,880 | 834,361 | 779,400 | 527,147 | 657,508 | 4,403,710 | 1,245,241 | 1,184,655 | 6,572,751 | 2,058,362 | 1,964,055 | 9,012,951 | 2,713,498 | 3,719,159 | ' |
Loss from operations before corporate expenses | -2,169,041 | -3,145,028 | -1,258,682 | -813,121 | -410,880 | -834,361 | -779,400 | -527,147 | -657,508 | -4,403,710 | -1,245,241 | -1,184,655 | -6,572,751 | -2,058,362 | -1,964,055 | -9,012,951 | -2,713,498 | -3,719,159 | ' |
Loss from operations | -5,204,615 | -5,360,537 | -4,303,702 | -2,866,977 | -2,413,094 | -3,168,231 | -3,864,761 | -2,018,760 | -2,415,757 | -9,664,239 | -5,581,325 | -4,434,517 | -14,868,854 | -8,448,302 | -8,299,278 | -19,572,782 | -11,242,194 | -12,149,192 | ' |
Net loss | -5,190,169 | -5,234,065 | -4,209,665 | -2,827,126 | -2,401,355 | -3,100,965 | -3,798,244 | -1,747,086 | -2,418,459 | -9,443,730 | -5,502,320 | -4,165,545 | -14,633,899 | -8,329,446 | -7,963,789 | -19,360,853 | -11,065,842 | -11,803,719 | ' |
Basic and diluted net loss per common share (in dollars per share) | ($0.42) | ($0.49) | ($0.43) | ($0.30) | ($0.26) | ($0.33) | ($0.46) | ($0.29) | ($0.42) | ($0.92) | ($0.59) | ($0.72) | ($1.34) | ($0.89) | ($1.19) | ($1.58) | ($1.18) | ($1.63) | ' |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -5,190,169 | -5,234,065 | -4,209,665 | -2,827,126 | -2,401,355 | -3,100,965 | -3,798,244 | -1,747,086 | -2,418,459 | -9,443,730 | -5,502,320 | -4,165,545 | -14,633,899 | -8,329,446 | -7,963,789 | -19,360,853 | -11,065,842 | -11,803,719 | ' |
Additions to uranium properties | ' | ' | -361,426 | ' | ' | -147,793 | ' | ' | -90,085 | -978,867 | -224,895 | -110,948 | -1,132,294 | -291,752 | -226,296 | -1,278,745 | -455,850 | -365,385 | ' |
As Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 108,434,518 | 86,692,812 | 84,544,667 | 83,557,195 | 83,511,677 | 83,987,152 | 82,670,939 | 82,492,622 | 82,463,604 | 86,692,812 | 83,511,677 | 82,492,622 | 108,434,518 | 83,557,195 | 82,670,939 | 109,033,002 | 83,637,321 | 83,895,090 | ' |
Total Assets | 57,289,865 | 37,373,332 | 40,431,532 | 33,744,608 | 35,940,521 | 38,772,593 | 36,185,372 | 37,051,948 | 29,668,196 | 37,373,332 | 35,940,521 | 37,051,948 | 57,289,865 | 33,744,608 | 36,185,372 | 58,578,770 | 31,404,929 | 42,561,515 | ' |
Shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -158,065,598 | -153,844,684 | -150,184,005 | -143,884,558 | -141,097,312 | -138,404,631 | -132,756,758 | -129,092,277 | -127,371,721 | -153,844,684 | -141,097,312 | -129,092,277 | -158,065,598 | -143,884,558 | -132,756,758 | -162,201,908 | -146,577,535 | -135,378,138 | ' |
Total Shareholders' Equity | 48,129,901 | 27,889,996 | 31,488,394 | 25,626,119 | 28,255,567 | 30,748,593 | 26,127,217 | 28,297,310 | 20,788,394 | 27,889,996 | 28,255,567 | 28,297,310 | 48,129,901 | 25,626,119 | 26,127,217 | 45,143,377 | 23,411,293 | 32,676,867 | ' |
Total liabilities and shareholders' equity | 57,289,865 | 37,373,332 | 40,431,532 | 33,744,608 | 35,940,521 | 38,772,593 | 36,185,372 | 37,051,948 | 29,668,196 | 37,373,332 | 35,940,521 | 37,051,948 | 57,289,865 | 33,744,608 | 36,185,372 | 58,578,770 | 31,404,929 | 42,561,515 | ' |
Consolidated Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral property expenses | 12,402 | 30,744 | 26,715 | -25,816 | 16,789 | 91,898 | 0 | 725 | 0 | 57,459 | 108,687 | 725 | 69,861 | 82,871 | 725 | 492,858 | 17,918 | 1,646 | ' |
Total cost of uranium sales | 1,199,786 | 1,571,642 | 655,487 | 773,241 | 702,206 | 759,889 | 645,637 | 500,617 | 587,199 | 2,227,129 | 1,462,095 | 1,087,816 | 3,426,915 | 2,235,336 | 1,733,453 | 5,276,471 | 2,847,053 | 2,270,007 | ' |
Loss from operations before corporate expenses | -1,199,786 | -1,571,642 | -655,487 | -773,241 | -702,206 | -759,889 | -645,637 | -500,617 | -587,199 | -2,227,129 | -1,462,095 | -1,087,816 | -3,426,915 | -2,235,336 | -1,733,453 | -5,276,471 | -2,847,053 | -2,270,007 | ' |
Loss from operations | -4,235,360 | -3,787,151 | -3,700,507 | -2,827,097 | -2,704,420 | -3,093,759 | -3,730,998 | -1,992,230 | -2,345,448 | -7,487,658 | -5,798,179 | -4,337,678 | -11,723,018 | -8,625,276 | -8,068,676 | -15,836,302 | -11,375,749 | -10,700,040 | ' |
Net loss | -4,220,914 | -3,660,679 | -3,606,470 | -2,787,246 | -2,692,681 | -3,026,493 | -3,664,481 | -1,720,556 | -2,348,150 | -7,267,149 | -5,719,174 | -4,068,706 | -11,488,063 | -8,506,420 | -7,733,187 | -15,624,373 | -11,199,397 | -10,354,567 | ' |
Basic and diluted net loss per common share (in dollars per share) | ($0.34) | ($0.34) | ($0.37) | ($0.30) | ($0.29) | ($0.32) | ($0.44) | ($0.29) | ($0.41) | ($0.71) | ($0.61) | ($0.70) | ($1.05) | ($0.91) | ($1.16) | ($1.28) | ($1.20) | ($1.43) | ' |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -4,220,914 | -3,660,679 | -3,606,470 | -2,787,246 | -2,692,681 | -3,026,493 | -3,664,481 | -1,720,556 | -2,348,150 | -7,267,149 | -5,719,174 | -4,068,706 | -11,488,063 | -8,506,420 | -7,733,187 | -15,624,373 | -11,199,397 | -10,354,567 | ' |
Additions to uranium properties | ' | ' | -964,621 | ' | ' | -222,265 | ' | ' | -160,394 | -3,155,448 | -8,041 | -207,787 | -4,278,130 | -114,778 | -456,898 | -5,015,225 | -322,295 | -1,814,537 | ' |
Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | -8,383,691 | -7,414,436 | -5,841,050 | -5,194,436 | -5,154,556 | -5,445,882 | -4,152,861 | -4,019,098 | -3,992,568 | -7,414,436 | -5,154,556 | -4,019,098 | -8,383,691 | -5,194,436 | -4,152,861 | -8,974,335 | -5,237,855 | -5,371,410 | ' |
Total Assets | -8,383,691 | -7,414,436 | -5,841,050 | -5,194,436 | -5,154,556 | -5,445,882 | -4,152,861 | -4,019,098 | -3,992,568 | -7,414,436 | -5,154,556 | -4,019,098 | -8,383,691 | -5,194,436 | -4,152,861 | -8,974,335 | -5,237,855 | -5,371,410 | ' |
Shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -8,383,691 | -7,414,436 | -5,841,050 | -5,194,436 | -5,154,556 | -5,445,882 | -4,152,861 | -4,019,098 | -3,992,568 | -7,414,436 | -5,154,556 | -4,019,098 | -8,383,691 | -5,194,436 | -4,152,861 | -8,974,335 | -5,237,855 | -5,371,410 | -3,922,000 |
Total Shareholders' Equity | -8,383,691 | -7,414,436 | -5,841,050 | -5,194,436 | -5,154,556 | -5,445,882 | -4,152,861 | -4,019,098 | -3,992,568 | -7,414,436 | -5,154,556 | -4,019,098 | -8,383,691 | -5,194,436 | -4,152,861 | -8,974,335 | -5,237,855 | -5,371,410 | ' |
Total liabilities and shareholders' equity | -8,383,691 | -7,414,436 | -5,841,050 | -5,194,436 | -5,154,556 | -5,445,882 | -4,152,861 | -4,019,098 | -3,992,568 | -7,414,436 | -5,154,556 | -4,019,098 | -8,383,691 | -5,194,436 | -4,152,861 | -8,974,335 | -5,237,855 | -5,371,410 | ' |
Consolidated Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral property expenses | 969,255 | 1,573,386 | 603,195 | 39,880 | -291,326 | 74,472 | 133,763 | 26,530 | 70,309 | 2,176,581 | -216,854 | 96,839 | 3,145,836 | -176,974 | 230,602 | 3,736,480 | -133,555 | 1,449,152 | ' |
Total cost of uranium sales | 969,255 | 1,573,386 | 603,195 | 39,880 | -291,326 | 74,472 | 133,763 | 26,530 | 70,309 | 2,176,581 | -216,854 | 96,839 | 3,145,836 | -176,974 | 230,602 | 3,736,480 | -133,555 | 1,449,152 | ' |
Loss from operations before corporate expenses | -969,255 | -1,573,386 | -603,195 | -39,880 | 291,326 | -74,472 | -133,763 | -26,530 | -70,309 | -2,176,581 | 216,854 | -96,839 | -3,145,836 | 176,974 | -230,602 | -3,736,480 | 133,555 | -1,449,152 | ' |
Loss from operations | -969,255 | -1,573,386 | -603,195 | -39,880 | 291,326 | -74,472 | -133,763 | -26,530 | -70,309 | -2,176,581 | 216,854 | -96,839 | -3,145,836 | 176,974 | -230,602 | -3,736,480 | 133,555 | -1,449,152 | ' |
Net loss | -969,255 | -1,573,386 | -603,195 | -39,880 | 291,326 | -74,472 | -133,763 | -26,530 | -70,309 | -2,176,581 | 216,854 | -96,839 | -3,145,836 | 176,974 | -230,602 | -3,736,480 | 133,555 | -1,449,152 | ' |
Basic and diluted net loss per common share (in dollars per share) | ($0.08) | ($0.15) | ($0.06) | ' | $0.03 | ($0.01) | ($0.02) | ' | ($0.01) | ($0.21) | $0.02 | ($0.02) | ($0.29) | $0.02 | ($0.03) | ($0.30) | $0.02 | ($0.20) | ' |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -969,255 | -1,573,386 | -603,195 | -39,880 | 291,326 | -74,472 | -133,763 | -26,530 | -70,309 | -2,176,581 | 216,854 | -96,839 | -3,145,836 | 176,974 | -230,602 | -3,736,480 | 133,555 | -1,449,152 | ' |
Additions to uranium properties | ' | ' | $603,195 | ' | ' | $74,472 | ' | ' | $70,309 | $2,176,581 | ($216,854) | $96,839 | $3,145,836 | ($176,974) | $230,602 | $3,736,480 | ($133,555) | $1,449,152 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 0 Months Ended | ||
Jan. 22, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reverse Stock Split | ' | ' | ' |
Reverse stock split ratio | 0.1 | ' | ' |
Common stock outstanding before reverse stock split (in shares) | ' | 161,100,000 | ' |
Common stock, shares outstanding | ' | 16,150,163 | 9,400,501 |
Uranium Properties | ' | ' | ' |
Mineral rights and properties | ' | $34,739,746 | $13,608,172 |
Neutron | VBPP | ' | ' | ' |
Uranium Properties | ' | ' | ' |
Mineral rights and properties | ' | $20,274,000 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Cash | ' | ' | ' |
Certificates of deposit and money market accounts | $9,491,865 | $9,379,794 | ' |
Change in the balance of the restoration and reclamation liability | ' | ' | ' |
Reserve for future restoration and reclamation costs at the beginning of the period | 4,735,759 | 5,043,645 | ' |
Changes in cash flow estimates | 1,444,406 | 1,101,234 | ' |
Costs incurred | -1,767,289 | -1,530,303 | ' |
Accretion expense | 85,181 | 121,183 | 155,943 |
Reserve for future restoration and reclamation costs at the end of the period | 4,498,057 | 4,735,759 | 5,043,645 |
Contingent Liabilities-Off Balance Sheet Arrangements | ' | ' | ' |
Amount of bank Letters of Credit and performance bonds issued | $8,707,000 | ' | ' |
Earnings Per Share | ' | ' | ' |
Dilutive securities (in shares) | 0 | 0 | 0 |
Potential dilutive Common Stock excluded from the calculation of diluted earnings per share (in shares) | 403,274 | 454,885 | 594,714 |
LIQUIDITY_Details
LIQUIDITY (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Mar. 18, 2013 | Mar. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | |
Rights offering | RCF | BTIG, LLC | BTIG, LLC | BTIG, LLC | BTIG, LLC | |||||
item | Rights offering | ATM Sales Agreement | ATM Sales Agreement | Maximum | Maximum | |||||
Short term financing | ATM Sales Agreement | ATM Sales Agreement | ||||||||
LIQUIDITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Negative cash flow from operations | $18,600,651 | $10,267,247 | $8,809,226 | ' | ' | ' | ' | ' | ' | ' |
Cash | 4,664,596 | 2,890,263 | 15,386,472 | 6,092,068 | ' | ' | ' | ' | ' | ' |
LIQUIDITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subscription rights issued for each share of common stock owned or subject to a warrant | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Number of shares of common stock entitled to be purchased for each subscription right | ' | ' | ' | ' | 0.3119 | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | $2.55 | ' | ' | ' | ' | ' |
Short term financing repaid | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Net proceeds from sale of shares of common stock | 20,264,692 | 352,855 | 19,138,091 | ' | 8,900,000 | ' | 5,400,000 | 325,000 | ' | ' |
Aggregate offering price of the shares of common stock available to be sold under ATM Sales Agreement | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | $15,000,000 | $15,000,000 |
Shares of common stock sold under ATM Sales Agreement | ' | ' | ' | ' | ' | ' | 973,000 | 47,700 | ' | ' |
MERGER_AND_FINANCING_AGREEMENT2
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 05, 2012 | Mar. 09, 2012 | Mar. 31, 2012 | Mar. 27, 2012 |
Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | Neutron | |||
item | Juan Tafoya Property | Cebolleta Property | Ambrosia Lake Project | Ambrosia Lake Project | Ambrosia Lake Project | Ambrosia Lake Project | Ambrosia Lake Project | RCF | RCF | RCF | RMB | |||||||
acre | acre | Leased mining areas | Endy Lease | Bonner Lease | Elizabeth Lease | Claims owned | ||||||||||||
acre | acre | acre | item | item | ||||||||||||||
item | item | acre | acre | |||||||||||||||
MERGER AND FINANCING AGREEMENT WITH NEUTRON ENERGY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity acquired | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding to retire the majority of outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' |
Common stock issued in exchange of funding provided (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' |
Right to receive a specified number of shares of common stock for each unit outstanding | ' | ' | 0.00643 | 0.00643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to former stockholders (in shares) | 16,150,163 | 9,400,501 | 384,000 | 384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 10,000,000 | ' | ' |
Shares of common stock sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 969,000 | 1,000,000 | ' | 836,000 |
Amount provided to fund operations | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of separate groups in which mineral properties are subdivided | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area covered under lease (in acres/hectares) | ' | ' | ' | ' | ' | ' | ' | 4,097 | 6,717 | 13,135 | 3,382 | 4,132 | 179 | 5,442 | ' | ' | ' | ' |
Share issuance costs | ' | ' | ' | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares | ' | ' | 16,577,000 | 16,577,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable | ' | ' | 3,559,000 | 3,559,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | 20,136,000 | 20,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to acquire Neutron Energy, Inc. (in shares) | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unpatented lode mining claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 181 | 1 | 292 | ' | ' | ' | ' |
Number of New Mexico leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of patented lode mining claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Preliminary purchase price allocation to net tangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | 28,000 | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | 273,000 | 273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | 11,000 | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uranium properties - value beyond proven and probable | ' | ' | 20,274,000 | 20,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other property, plant and equipment | ' | ' | 323,000 | 323,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other non-current assets | ' | ' | 12,000 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | 20,921,000 | 20,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | ' | ' | 785,000 | 785,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | 785,000 | 785,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tangible and intangible assets acquired | ' | ' | 20,136,000 | 20,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related expenses | ' | ' | ' | ' | ' | 2,036,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss from neutron operations | ' | ' | ' | ' | ' | 387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results of operations on a pro forma basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss (Restated) | ' | ' | ' | ' | ' | ($20,635,981) | ($17,545,103) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | 31-May-11 | 31-May-11 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 1997 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Uranium plant | Uranium plant | Permits and licenses | Permits and licenses | Mineral rights and properties | Mineral rights and properties | Evaluation and delineation | Evaluation and delineation | Vehicles/depreciable equipment | Vehicles/depreciable equipment | Other uranium properties | Other uranium properties | Other property, plant and equipment | Other property, plant and equipment | Kingsville Dome Property | Kingsville Dome Property | Kingsville Dome Property | Kingsville Dome Property | Kingsville Dome Property | Rosita Property | Rosita Property | Rosita Property | Rosita Property | Rosita Property | Vasquez Property | Vasquez Property | Vasquez Property | Vasquez Property | Vasquez Property | Rosita South | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Los Finados Project | Churchrock | Churchrock | Churchrock | Churchrock | Churchrock | Crownpoint Property | Crownpoint Property | Crownpoint Property | West Largo and Roca Honda property | West Largo property | West Largo property | West Largo property | Roca Honda property | Roca Honda property | Juan Tafoya | Juan Tafoya | Juan Tafoya | ||||
acre | Minimum | Maximum | acre | Minimum | Maximum | acre | Minimum | Maximum | acre | item | CTI | CTI | Tecolote Project | Year 1 | Year 1 | Year 2 | Year 2 | Year 3 | Year 3 | item | Section 17 and Mancos | Section 17 and Mancos | Section 17 and Mancos | Section 8 | acre | Churchrock deposits | Gallup, New Mexico | acre | Milan | State Highway 509 in McKinley County, New Mexico | Ambrosia Lake District | item | San Mateo in McKinley County, New Mexico | acre | Albuquerque | Laguna | ||||||||||||||||||||||||
acre | item | Maximum | acre | item | Tecolote Project | item | Tecolote Project | item | Tecolote Project | acre | Minimum | Maximum | Maximum | mi | mi | mi | mi | mi | acre | mi | mi | mi | ||||||||||||||||||||||||||||||||||||||
item | item | item | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | $34,739,746 | $13,608,172 | ' | $9,532,000 | $8,971,000 | $174,000 | $496,000 | $20,872,000 | $589,000 | $2,022,000 | $2,022,000 | $1,435,000 | $776,000 | $247,000 | $661,000 | $458,000 | $93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment provision | 1,737,359 | 1,460,170 | 961,278 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 919,000 | 851,000 | 590,000 | ' | ' | 139,000 | 126,000 | 58,000 | ' | ' | 679,000 | 483,000 | 313,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross area on which entity has mineral leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434 | ' | ' | ' | ' | 3,377 | ' | ' | ' | ' | 872 | ' | ' | ' | ' | 1,795 | 53,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,458 | ' | ' | ' | ' | 640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net area on which entity has mineral leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,227 | ' | ' | ' | ' | 3,377 | ' | ' | ' | ' | 872 | ' | ' | ' | ' | 1,479 | ' | ' | ' | 22,700 | ' | ' | ' | ' | ' | ' | 3,458 | ' | ' | ' | ' | 556 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalties on lease based upon a percentage of uranium sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | 9.38% | ' | ' | ' | 6.25% | 18.25% | ' | ' | ' | 6.25% | 10.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 6.25% | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual per acre royalty payable to extend leases not held by production | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 30 | ' | ' | ' | 10 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specified price per pound for uranium sales on which royalty is payable at specified percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | 40 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee paid at signing as per lease option agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of phases in exploration program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of exploration lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exploration obligation, number of exploration wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 200 | 150 | 200 | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exploration obligation, amount of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | $1,500,000 | $1,500,000 | $2,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest earned in project in consideration of investment (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of parcels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of parcels which lie within the area generally recognized as constituting the Navajo Reservation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overriding royalty obligation (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distance of property from a specified location | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 35 | ' | 21 | 1.5 | 3 | ' | 4 | ' | 45 | 25 |
Area of land in which fee interest acquired by entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,000 | ' | ' | ' | ' | ' | 4,097 | ' | ' |
Number of unpatented mining claims owned by entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' |
Area of land encompassing unpatented mining claims of entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 640 | ' | ' | ' | ' |
CONTRACT_COMMITMENTS_Details
CONTRACT COMMITMENTS (Details) | 1 Months Ended | |
Mar. 31, 2006 | Dec. 31, 2012 | |
lb | lb | |
Itochu | ' | ' |
CONTRACT COMMITMENTS | ' | ' |
Percentage of actual production from properties in Texas currently owned or hereafter acquired, required to be delivered | 50.00% | ' |
Total Uranium deliveries from inception of the contracts through December 31, 2012 (in pounds) | ' | 510,000 |
Period prior to the date of delivery based on which average spot price is calculated to determine the sales price of Texas production | '56 days | ' |
Amount reduced from average spot price for the eight weeks prior to the date of delivery to determine the sale price of Texas production (in dollars per pound) | 7.5 | ' |
Floor for the spot price at which Texas production will be sold (in dollars per pound) | 37 | ' |
Ceiling for the price at which Texas production will be sold (in dollars per pound) | 43 | ' |
Spot price per pound above which price will be increased by 50% of such excess | 50 | ' |
Percentage of excess of spot price over $50 per pound by which sale price of Texas production will be increased | 50.00% | ' |
Amount of deliveries from Texas production to which floor, ceiling and sharing arrangement over the ceiling applies (in pounds) | 3,650,000 | ' |
Notice period to cancel deliveries from Texas production | '6 months | ' |
UG | ' | ' |
CONTRACT COMMITMENTS | ' | ' |
Percentage of actual production from properties in Texas currently owned or hereafter acquired, required to be delivered | 50.00% | ' |
Total Uranium deliveries from inception of the contracts through December 31, 2012 (in pounds) | ' | 480,000 |
Amount reduced from average spot price for the eight weeks prior to the date of delivery to determine the sale price of Texas production (in dollars per pound) | 6 | ' |
Amount of sale in a particular delivery year 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 specified amount of Texas production is sold (in pounds) | 600,000 | ' |
Aggregate amount of sale to be made 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 specified amount of Texas production is sold (in pounds) | 3,000,000 | ' |
Percentage of amount reduced from the average spot price for a period prior to the date of delivery at which right of first refusal to purchase other Texas production can be exercised | 4.00% | ' |
DEBT_Details
DEBT (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 18, 2013 |
Short term financing | Short term financing | |||
RCF | RCF | |||
Short Term Financing Facility | ' | ' | ' | ' |
Amount of debt financing | ' | ' | $5,000,000 | ' |
Annualized interest rate (as a percent) | ' | ' | 10.00% | ' |
Loan establishment fee | ' | ' | 160,000 | ' |
Number of common stock issued for payment of loan establishment fee | ' | ' | 42,884 | ' |
Period for which volume weighted average price considered to determine shares issuable | ' | ' | '20 days | ' |
Volume weighted average price (in dollars per share) | ' | ' | $3.73 | ' |
Debt repaid | ' | ' | ' | 5,000,000 |
Number of shares of common stock issued upon conversion | ' | ' | ' | 1,960,000 |
Long-term debt of the Company consists of: | ' | ' | ' | ' |
Crownpoint property | 450,000 | 450,000 | ' | ' |
Capital leases | 129,722 | 119,232 | ' | ' |
Long-term debt including current portion | 579,722 | 569,232 | ' | ' |
Less-Current portion | -112,140 | -65,161 | ' | ' |
Total long-term debt | $467,582 | $504,071 | ' | ' |
DEBT_Details_2
DEBT (Details 2) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Long-Term Debt | ' | ' |
December 31, 2017 and beyond | $450,000 | ' |
Totals | 450,000 | 450,000 |
Capital Leases | ' | ' |
31-Dec-13 | 119,145 | ' |
31-Dec-14 | 24,153 | ' |
31-Dec-15 | 4,579 | ' |
Totals | 147,877 | ' |
Less amounts representing imputed interest | -18,155 | ' |
Present value of future payments | $129,722 | ' |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Jan. 11, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2010 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | Sep. 05, 2012 | Mar. 09, 2012 | |
Public offering | May 2008 equity infusion | BTIG | BTIG | BTIG | BTIG | BTIG | RCF | RCF | |||||
item | ATM Sales Agreement | ATM Sales Agreement | ATM Sales Agreement | ATM Sales Agreement | ATM Sales Agreement | Private placement | Private placement | ||||||
Maximum | Maximum | ||||||||||||
SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate offering price of the shares of common stock available to be sold under ATM Sales Agreement | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | $15,000,000 | $15,000,000 | ' | ' |
Percentage of commission to be paid on the gross proceeds from the sale of shares under ATM Sales Agreement | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale of shares of common stock | ' | 20,264,692 | 352,855 | 19,138,091 | 19,100,000 | ' | ' | 5,400,000 | 325,000 | ' | ' | ' | ' |
Shares of common stock sold | ' | ' | ' | ' | 3,540,000 | ' | ' | 973,000 | 47,700 | ' | ' | ' | ' |
Shares of common stock sold under private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 970,000 | 1,000,000 |
Proceeds from sale of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | $10,000,000 |
Price per share under private placement (in dollars per share) | $8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.16 | $9.75 |
Number of underwritten public offerings | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock that can be purchased upon exercise of warrants | ' | ' | ' | ' | ' | 990,000 | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | $57.80 | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of compensation permitted to be deferred for the years 1999 through 2004 | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued in lieu of the cash due under the deferred compensation plans (in shares) | 88,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2011 | Apr. 30, 2010 | Apr. 30, 2010 | Dec. 31, 2010 | Apr. 30, 2010 | Dec. 31, 2012 | Jun. 30, 2010 | Jun. 30, 2011 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2010 | Jan. 20, 2010 | Jun. 02, 2004 | Jan. 31, 2010 | Jun. 30, 2006 | Dec. 31, 2010 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2009 | Sep. 30, 2010 | Jun. 03, 2010 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | |
item | Stock options | Stock options | Stock options | Restricted stock | Restricted stock | 2004 Stock Incentive Plan | 2004 Stock Incentive Plan | 2004 Stock Incentive Plan | 2004 Stock Incentive Plan | 2004 Stock Incentive Plan | 2004 Stock Incentive Plan | Amended 2004 Directors' Plan | Amended 2004 Directors' Plan | Amended 2004 Directors' Plan | Amended 2004 Directors' Plan | Amended 2004 Directors' Plan | 2004 Directors' Plan-Options | 2004 Directors' Plan-Options | 2004 Directors' Plan-Options | 2004 Directors' Plan-Options | 2004 Directors' Plan-Options | 2004 Directors' Plan-Options | Directors' Plan -Expired 2004 | 2011 bonus program | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | |||
Minimum | Maximum | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | ||||||||||||
Executive Chairman | Employees and officer | Employees | Officer | Officer | Non-employee directors | Interim CEO | Interim CEO | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Other officers | Executive Chairman | Executive Chairman | Former President/CEO/COO | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Interim CEO | ||||||||||||||
item | item | item | ||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense (in dollars) | $427,000 | $884,000 | $1,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional stock compensation expense due to acceleration of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock incentive plans for employees | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that may be issued | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | '4 years | '3 years | ' | '1 year | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '4 years | '4 years | ' | ' | ' | '4 years | '4 years | ' |
Contractual term | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future grants | ' | ' | ' | ' | ' | ' | ' | ' | 120,800 | ' | ' | ' | ' | ' | 95,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,039 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,667 | 8,500 | ' | 9,500 | ' | ' | ' | ' | 20,000 | ' | ' | 5,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted per director (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share (in dollars per share) | $5.20 | ' | ' | ' | ' | ' | ' | ' | ' | $17.30 | $7.30 | ' | $32.90 | ' | ' | ' | $17.30 | $5.20 | ' | ' | ' | ' | $7.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of individuals who were granted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of options for the first time on election or appointment to the Board of Directors (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of options on annual reelection to the Board of Directors (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding (in shares) | 317,270 | 298,520 | ' | ' | ' | ' | ' | ' | 40,741 | ' | ' | ' | ' | ' | 93,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted (in shares) | ' | ' | ' | ' | ' | ' | 40,727 | 13,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,670 | ' | 5,000 | 3,333 | 40,000 | ' | 5,000 | ' | ' | 5,000 |
Percentage of shares vesting on the first anniversary (6 months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the second anniversary (12 months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the third anniversary (18 months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the fourth anniversary (24 months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares that vested upon resignation (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_PLANS_2
STOCK-BASED COMPENSATION PLANS (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Outstanding Options, Number of Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 298,520 | ' | ' |
Granted (in shares) | 20,000 | ' | ' |
Canceled or forfeited (in shares) | -1,250 | ' | ' |
Outstanding at the end of the period (in shares) | 317,270 | 298,520 | ' |
Exercisable at the end of the period (in shares) | 288,186 | ' | ' |
Outstanding Options, Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $25.90 | ' | ' |
Granted (in dollars per share) | $5.20 | ' | ' |
Canceled or forfeited (in dollars per share) | $7.60 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $24.60 | $25.90 | ' |
Exercisable at the end of the period (in dollars per share) | $26.30 | ' | ' |
Outstanding Options, Weighted Average Remaining Contractual Term (in years) | ' | ' | ' |
Outstanding at the end of the period | '3 years 4 months 28 days | ' | ' |
Exercisable at the end of the period | '2 years 10 months 2 days | ' | ' |
Total intrinsic value of options exercised (in dollars) | $0 | $79,000 | $2,976 |
Cash proceeds from options exercised (in dollars) | $0 | $28,234 | $798 |
STOCKBASED_COMPENSATION_PLANS_3
STOCK-BASED COMPENSATION PLANS (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Options Outstanding | ' | ' |
Number of options outstanding (in shares) | 317,270 | 298,520 |
Weighted Average Remaining Contractual Life | '3 years 4 months 28 days | ' |
Weighted Average Exercise price (in dollars per share) | $24.60 | $25.90 |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 288,186 | ' |
Weighted Average Exercise Price (in dollars per share) | $26.30 | ' |
1995 Stock Incentive Plan | ' | ' |
Options Outstanding | ' | ' |
Number of options outstanding (in shares) | 183,406 | ' |
Weighted Average Remaining Contractual Life | '1 year 7 months 6 days | ' |
Weighted Average Exercise price (in dollars per share) | $13.10 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 183,406 | ' |
Weighted Average Exercise Price (in dollars per share) | $13.10 | ' |
2004 Employee Incentive Plan | ' | ' |
Options Outstanding | ' | ' |
Number of options outstanding (in shares) | 40,741 | ' |
Weighted Average Remaining Contractual Life | '5 years 7 months 6 days | ' |
Weighted Average Exercise price (in dollars per share) | $34.50 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 36,657 | ' |
Weighted Average Exercise Price (in dollars per share) | $37.20 | ' |
2004 Directors' Plan | ' | ' |
Options Outstanding | ' | ' |
Number of options outstanding (in shares) | 93,123 | ' |
Weighted Average Remaining Contractual Life | '6 years | ' |
Weighted Average Exercise price (in dollars per share) | $43 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 68,123 | ' |
Weighted Average Exercise Price (in dollars per share) | $56.10 | ' |
STOCKBASED_COMPENSATION_PLANS_4
STOCK-BASED COMPENSATION PLANS (Details 4) (Stock options, USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Unrecognized compensation cost | ' | ' | ' |
Total estimated unrecognized compensation cost (in dollars) | $127,000 | ' | ' |
Number of options exercised after a specified period | 0 | ' | ' |
Contractual term | '10 years | ' | ' |
Weighted average fair value of the options granted (in dollars per share) | ' | ' | ' |
Fair market value (in dollars per share) | $6 | $13.20 | $17.70 |
Expected life | '1 year | ' | ' |
Fair value of the options granted (in dollars per share) | $6 | $13.20 | $17.70 |
Minimum | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' |
Weighted average period for recognition of unrecognized compensation cost | '1 year | ' | ' |
Maximum | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' |
Weighted average period for recognition of unrecognized compensation cost | '2 years | ' | ' |
Grant in period, one | ' | ' | ' |
Weighted average fair value of the options granted (in dollars per share) | ' | ' | ' |
Fair market value (in dollars per share) | $6.70 | $11.41 | $7.30 |
Expected volatility (as a percent) | 72.00% | 91.00% | 144.00% |
Risk-free interest rate (as a percent) | 5.00% | 2.75% | 4.25% |
Expected life | '1 year | '7 years 8 months 8 days | '7 years 10 months 28 days |
Fair value of the options granted (in dollars per share) | $6.70 | $11.41 | $7.30 |
Grant in period, two | ' | ' | ' |
Weighted average fair value of the options granted (in dollars per share) | ' | ' | ' |
Fair market value (in dollars per share) | $5.20 | $12.80 | $7 |
Expected volatility (as a percent) | 84.00% | 87.00% | 147.00% |
Risk-free interest rate (as a percent) | 3.50% | 1.88% | 4.75% |
Expected life | '7 years 8 months 12 days | '6 years 3 months 22 days | '7 years 3 months 7 days |
Fair value of the options granted (in dollars per share) | $5.20 | $12.80 | $7 |
Grant in period, three | ' | ' | ' |
Weighted average fair value of the options granted (in dollars per share) | ' | ' | ' |
Fair market value (in dollars per share) | ' | $7.60 | $6.90 |
Expected volatility (as a percent) | ' | 93.00% | 103.00% |
Risk-free interest rate (as a percent) | ' | 3.00% | 3.75% |
Expected life | ' | '5 years | '2 years |
Fair value of the options granted (in dollars per share) | ' | $7.60 | $6.90 |
Grant in period, four | ' | ' | ' |
Weighted average fair value of the options granted (in dollars per share) | ' | ' | ' |
Fair market value (in dollars per share) | ' | ' | $25.20 |
Expected volatility (as a percent) | ' | ' | 89.00% |
Risk-free interest rate (as a percent) | ' | ' | 3.13% |
Expected life | ' | ' | '6 years 3 months 25 days |
Fair value of the options granted (in dollars per share) | ' | ' | $25.20 |
STOCKBASED_COMPENSATION_PLANS_5
STOCK-BASED COMPENSATION PLANS (Details 5) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 03, 2012 | Sep. 03, 2011 | Sep. 03, 2010 | Mar. 03, 2010 | Sep. 30, 2009 | Sep. 30, 2010 | Jun. 03, 2010 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Jun. 30, 2010 | Sep. 30, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Apr. 02, 2010 | Jan. 04, 2010 | Dec. 31, 2009 | Nov. 12, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted stock | Restricted stock | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2007 Restricted Stock Plan | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2004 Directors' Plan-Restricted Shares | 2011 bonus program | 2011 bonus program | 2010 Cash Conservation Plan | 2010 Cash Conservation Plan | 2010 Cash Conservation Plan | 2010 Cash Conservation Plan | 2010 and 2011 Performance Objectives | 2010 and 2011 Performance Objectives | ||||
Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | |||||||
Minimum | Executive Chairman | Executive Chairman | Former President/CEO/COO | Former President/CEO/COO | Former President/CEO/COO | Former President/CEO/COO | Former President/CEO/COO | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | Interim CEO | President/CEO/COO | Other officers | Other officers | Other officers | Other officers | Former President/CEO/COO | Former President/CEO/COO | Former President/CEO/COO | |||||||
item | |||||||||||||||||||||||||||||
Stock-Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that may be issued | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future grants | ' | ' | ' | ' | ' | 26,039 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted (in shares) | ' | ' | ' | 40,727 | 13,333 | ' | ' | 5,000 | 3,333 | ' | ' | ' | ' | 40,000 | ' | 5,000 | ' | ' | ' | ' | 5,000 | 10,057 | 5,670 | 7,375 | 6,582 | ' | ' | ' | ' |
Percentage of granted awards, vested on the date of the grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares that vested upon resignation (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors that resigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense (in dollars) | $427,000 | $884,000 | $1,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (per share) | ' | ' | ' | $7.44 | $17.30 | ' | ' | $6.70 | $17.30 | ' | ' | ' | ' | ' | ' | ' | $6.70 | $17.30 | ' | $5.30 | $5.20 | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | '3 years | '1 year | '1 year | '1 year | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 1,667 | 2,000 |
Percentage of granted awards, vested upon hire of permanent President and CEO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vested | ' | ' | ' | 33,172 | 27,907 | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining number of shares to vest over a specified period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the first anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the second anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares vesting on the third anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares subject to certain annual performance objectives | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted per director (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 3,333 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated unrecognized compensation cost (in dollars) | ' | ' | ' | $252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average vesting period over which compensation cost is expected to be recognized | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_PLANS_6
STOCK-BASED COMPENSATION PLANS (Details 6) (Restricted stock, USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock | ' | ' |
Number of Shares | ' | ' |
Balance at the beginning of the period (in shares) | 34,983 | 49,557 |
Granted (in shares) | 40,727 | 13,333 |
Vested (in shares) | -33,172 | -27,907 |
Balance at the end of the period (in shares) | 40,870 | 34,983 |
Weighted Average Grant Date Fair Value | ' | ' |
Balance at the beginning of the period (in dollars per share) | $12 | $8.60 |
Granted (in dollars per share) | $7.44 | $17.30 |
Vested (in dollars per share) | $10.10 | $8.50 |
Balance at the end of the period (in dollars per share) | $7.84 | $12 |
FEDERAL_INCOME_TAXES_Details
FEDERAL INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Deferred federal income tax asset (liability) | ' | ' | ' |
Property development costs-net of amortization | $12,230,000 | $10,444,000 | $11,090,000 |
Accelerated depreciation | -294,000 | -105,000 | -151,000 |
Restoration reserves | -2,681,000 | -2,080,000 | -1,560,000 |
Net operating loss carry-forwards utilized | 996,000 | 143,000 | ' |
Net operating loss and percentage depletion carry-forwards | 57,724,000 | 39,496,000 | 34,766,000 |
Valuation allowance and other-net | -67,975,000 | -47,898,000 | -44,145,000 |
Amount, causing the entity's tax provision to differ from the federal statutory rate | ' | ' | ' |
Pretax income (loss) | -19,360,853 | -11,065,842 | -11,803,719 |
Pretax income (loss) times statutory tax rate | -6,582,690 | -3,762,386 | -4,013,264 |
Increases (decreases) in taxes resulting from: | ' | ' | ' |
Change in valuation allowance | 6,582,690 | 3,762,386 | 4,013,264 |
Income tax benefit | 0 | ' | ' |
% of Pretax Income | ' | ' | ' |
Pretax income (loss) times statutory tax rate (as a percent) | 34.00% | 34.00% | 34.00% |
Increases (decreases) in taxes resulting from: | ' | ' | ' |
Change in valuation allowance (as a percent) | -34.00% | -34.00% | -34.00% |
Income tax benefit (as a percent) | 0.00% | 0.00% | 0.00% |
Estimated net operating loss (NOL) carryforwards | 167,000,000 | ' | ' |
NOL's associated with the Neutron acquisition | $29,600,000 | ' | ' |
OTHER_LONGTERM_LIABILITIES_AND2
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Other long-term liabilities and deferred credits | ' | ' |
Reserve for future restoration and reclamation costs (Asset Retirement Obligations), net of current portion of $1,160,000 and $1,227,000 in 2012 and 2011, respectively | $3,337,679 | $3,508,634 |
Royalties payable | 500,000 | 500,000 |
Other long-term liabilities and deferred credits | 3,837,679 | 4,008,634 |
Current portion of reserve for future restoration and reclamation costs | $1,160,000 | $1,227,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (Other officers) | 12 Months Ended |
Dec. 31, 2012 | |
Other officers | ' |
Compensation Agreements | ' |
Period to receive certain rights and benefits in the event of change in control | '24 months |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | |||||
Jan. 22, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 18, 2013 | Dec. 31, 2012 | Mar. 18, 2013 | Mar. 18, 2013 | Jan. 22, 2013 | Dec. 31, 2012 | Mar. 18, 2013 | Mar. 18, 2013 | Mar. 18, 2013 | |
Rights offering | RCF | RCF | RCF | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |||||
item | Minimum | Short term financing | Short term financing | Rights offering | RCF | RCF | |||||||
Rights offering | Rights offering | item | Rights offering | Short term financing | |||||||||
Rights offering | |||||||||||||
Subsequent event | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | 0.1 | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' |
Effect of reverse stock split on the par value of the shares | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |
Effect of reverse stock split on the authorized number of shares | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Common stock outstanding before reverse stock split (in shares) | ' | 161,100,000 | ' | ' | ' | ' | ' | ' | ' | 161,100,000 | ' | ' | ' |
Common stock outstanding (in shares) | ' | 16,150,163 | 9,400,501 | ' | ' | ' | ' | ' | ' | 16,150,163 | ' | ' | ' |
Issuance of common stock, net | ' | $20,264,692 | $352,855 | $19,138,091 | $8,900,000 | ' | ' | ' | ' | ' | $8,900,000 | ' | ' |
Shares of common stock sold through a rights offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Short term financing repaid | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | 5,000,000 |
Number of shares of common stock issued upon conversion | ' | ' | ' | ' | ' | ' | 1,960,000 | ' | ' | ' | ' | ' | 1,960,000 |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.80% | ' |
Number of non-transferrable subscription rights received (in shares) | ' | ' | ' | ' | 0.3119 | ' | ' | ' | ' | ' | 0.3119 | ' | ' |
Number of subscription rights issued for each share of common stock owned or subject to a warrant | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 1 | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | $2.55 | ' | ' | ' | ' | ' | $2.55 | ' | ' |
Minimum total proceeds from rights offering under the standby purchase agreement | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | ' | ' | ' |