Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'URANIUM RESOURCES INC /DE/ | ' |
Entity Central Index Key | '0000839470 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
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-Q/A (the “Amendment†or “Form 10-Q/Aâ€) amends and restates the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, as originally filed with the SEC on October 28, 2013 (the “Original Form 10-Qâ€). This Amendment amends and restates the Company’s consolidated financial statements and related disclosures as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 by reclassifying costs from property, plant and equipment to mineral property expenses. The impact of the restatement is more fully described in Note 3 to the consolidated financial statements contained in this Amendment. Concurrently with the filing of this Amendment, the Company is also filing Amendment No. 1 to its Annual Report on Form 10-K for the year ended December 31, 2012 to amend and restate 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. 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 4 of Part I. 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. This Amendment also corrects an error in the number of shares of common stock outstanding as of September 30, 2013, as reflected in the consolidated financial statements contained in this Amendment, and as of October 28, 2013, as shown on the cover page. The correct number is 19,820,258 shares, as indicated in the consolidated financial statements and on the cover page of this Amendment. The following items of the Original Form 10-Q have been modified or revised in this Form 10-Q/A to reflect the restatement and other changes identified above: the cover page; Part I, Item 1. “Financial Statementsâ€; Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operationsâ€; and Part I, Item 4. “Controls and Proceduresâ€. 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-Q 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-Q and does not modify or update other disclosures in the Original Form 10-Q, 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-Q. This Amendment should be read in conjunction with the Company’s amended Annual Report on Form 10-K/A for the year ended December 31, 2012 and all filings made with the SEC subsequent to the original filing date of the 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 and June 30, 2013, as filed with the SEC on December 17, 2013. | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 19,820,258 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $2,006,833 | $4,664,596 |
Prepaid and other current assets | 466,970 | 708,228 |
Total Current Assets | 2,473,803 | 5,372,824 |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment | 99,891,946 | 100,058,667 |
Less accumulated depreciation, depletion and impairment | -65,544,841 | -65,318,921 |
Net property, plant and equipment | 34,347,105 | 34,739,746 |
Certificates of deposit, restricted | 4,010,850 | 9,491,865 |
Total Assets | 40,831,758 | 49,604,435 |
Current Liabilities: | ' | ' |
Accounts payable | 397,479 | 1,331,888 |
Accrued liabilities | 1,840,951 | 1,525,726 |
Note payable | ' | 5,000,000 |
Current portion of asset retirement obligations | 502,472 | 1,160,378 |
Current portion of capital leases | 19,861 | 112,140 |
Total Current Liabilities | 2,760,763 | 9,130,132 |
Asset retirement obligations | 3,602,252 | 3,337,679 |
Long-term debt | 950,000 | 950,000 |
Long-term capital leases, less current portion | 6,688 | 17,582 |
Total Liabilities | 7,319,703 | 13,435,393 |
Shareholders' Equity: | ' | ' |
Common stock, 200,000,000 shares authorized, $.001 par value; 19,820,258 and 16,150,163 shares issued and outstanding, respectively | 19,824 | 16,154 |
Paid-in capital | 216,620,930 | 207,338,549 |
Accumulated deficit | -183,119,281 | -171,176,243 |
Less: Treasury stock (3,813 shares), at cost | -9,418 | -9,418 |
Total Shareholders' Equity | 33,512,055 | 36,169,042 |
Total Liabilities and Shareholders' Equity | 40,831,758 | 49,604,435 |
Commitments and contingencies (Note 10) | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 20,100,258 | 16,150,163 |
Common stock, shares outstanding | 19,820,258 | 16,150,163 |
Treasury stock, shares at cost | 3,813 | 3,813 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Cost of uranium sales: | ' | ' | ' | ' |
Operating expenses | $568,033 | $776,764 | $1,886,157 | $1,920,601 |
Mineral property expenses | 371,984 | 981,657 | 1,796,313 | 3,215,697 |
Accretion/amortization of asset retirement obligations | 97,435 | 22,673 | 292,305 | 69,416 |
Depreciation and depletion | 76,089 | 91,319 | 225,907 | 318,637 |
Impairment of uranium properties | 3,701 | 296,628 | 683,356 | 1,048,400 |
Total cost of uranium sales | 1,117,242 | 2,169,041 | 4,884,038 | 6,572,751 |
Loss from operations before corporate expenses | -1,117,242 | -2,169,041 | -4,884,038 | -6,572,751 |
Corporate expenses: | ' | ' | ' | ' |
General and administrative | 2,174,862 | 2,994,663 | 6,749,980 | 8,191,352 |
Depreciation | 32,631 | 40,911 | 115,773 | 104,751 |
Total corporate expenses | 2,207,493 | 3,035,574 | 6,865,753 | 8,296,103 |
Loss from operations | -3,324,735 | -5,204,615 | -11,749,791 | -14,868,854 |
Other income and expense: | ' | ' | ' | ' |
Interest expense | -3,859 | -6,055 | -253,485 | -12,723 |
Interest and other income, net | 55,703 | 20,501 | 60,238 | 247,678 |
Net loss | ($3,272,891) | ($5,190,169) | ($11,943,038) | ($14,633,899) |
Basic and diluted net loss per common share (in dollars per share) | ($0.16) | ($0.42) | ($0.63) | ($1.34) |
Average weighted shares outstanding (in shares) | 19,820,258 | 12,413,476 | 18,995,957 | 10,953,407 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities: | ' | ' |
Net loss | ($11,943,038) | ($14,633,899) |
Reconciliation of net loss to cash used in operations: | ' | ' |
Accretion/amortization of asset retirement obligations | 292,305 | 69,416 |
Depreciation and depletion | 341,680 | 423,388 |
Impairment of uranium properties | 683,356 | 1,048,400 |
Decrease in restoration and reclamation accrual | -1,269,663 | -1,299,806 |
Stock compensation expense | 299,286 | 373,838 |
Other non-cash items, net | 73,875 | 73,932 |
Effect of changes in operating working capital items: | ' | ' |
(Increase) decrease in receivables | 258,532 | -140,228 |
Increase in prepaid and other current assets | -17,274 | -125,058 |
Increase (decrease) in payables, accrued liabilities and deferred credits | -231,931 | 668,089 |
Net cash used in operating activities | -11,512,872 | -13,541,928 |
Cash flows from investing activities: | ' | ' |
Decrease in certificates of deposit, restricted | 5,481,015 | 167,855 |
Additions to uranium properties | -122,165 | -1,132,294 |
Acquisition of Neutron Energy, Inc. | ' | -3,677,133 |
Net cash provided by (used in) investing activities | 5,358,850 | -4,641,572 |
Cash flows from financing activities: | ' | ' |
Payments on borrowings | -103,173 | -56,775 |
Issuance of common stock, net | 3,599,432 | 19,328,360 |
Net cash provided by financing activities | 3,496,259 | 19,271,585 |
Net increase (decrease) in cash and cash equivalents | -2,657,763 | 1,088,085 |
Cash and cash equivalents, beginning of period | 4,664,596 | 2,890,263 |
Cash and cash equivalents, end of period | 2,006,833 | 3,978,348 |
Non-cash transactions: | ' | ' |
Issuance of common stock for short-term loan principal and interest payment | 5,095,833 | ' |
Issuance of common stock for services | 291,500 | ' |
Issuance of restricted stock to employees and directors | 47 | 391 |
Issuance of common stock to acquire Neutron Energy, Inc. | ' | 16,650,000 |
Capital lease obligations | ' | $106,154 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2013 | |
DESCRIPTION OF BUSINESS | ' |
DESCRIPTION OF BUSINESS | ' |
1. DESCRIPTION OF BUSINESS | |
Uranium Resources, Inc. (URI) is a uranium exploration, development and production company. We were organized in 1977 to acquire and develop uranium mines in South Texas using the in-situ recovery mining process (ISR). URI has historically produced uranium by ISR methods in the State of Texas where the Company currently has ISR mining projects, including two licensed processing facilities. We also have mineral holdings in New Mexico and a NRC license to produce up to 3 million pounds per annum of uranium on certain of our 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 are currently in production. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
2. BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in the Company’s 2012 Annual Report on Form 10-K/A. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2013. |
RESTATEMENT
RESTATEMENT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
RESTATEMENT | ' | |||||||
RESTATEMENT | ' | |||||||
3. 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. As a result, the Company has amended and restated its consolidated financial statements for the years ended December 31, 2012, 2011 and 2010, to reflect a cumulative adjustment to mineral property expenditures of $8,974,000 up to December 31, 2012. These adjustments to property expenditures were previously capitalized as property, plant and equipment. | ||||||||
The Company has also restated the March 31, 2013 and June 30, 2013 interim condensed consolidated financial statements 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. As a result, the Company has amended and restated the interim condensed consolidated balance sheet as of September 30, 2013 to expense $762,000 of costs incurred during the nine-months ended September 30, 2013 that were previously capitalized as development costs to mineral property expenses, and reverse impairment costs recorded in the amount of $766,000. The interim condensed consolidated statements of operations for the nine-month periods ended September 30, 2013 and 2012 were amended and restated to expense $762,000 and $3,146,000, respectively, of costs previously capitalized as development costs to mineral property expenses, and reverse impairment costs recorded during the nine-months ended September 30, 2013 in the amount of $766,000. Corresponding changes were made to the interim statements of cash flows for the nine-months ended September 30, 2013 and 2012. | ||||||||
Consolidated Balance Sheet | ||||||||
30-Sep-13 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Assets | ||||||||
Property, plant and equipment | 108,862,877 | (8,970,931 | ) | 99,891,946 | ||||
Total Assets | 49,802,689 | (8,970,931 | ) | 40,831,758 | ||||
Shareholders’ equity | ||||||||
Accumulated deficit | (174,148,350 | ) | (8,970,931 | ) | (183,119,281 | ) | ||
Total shareholders’ equity | 42,482,986 | (8,970,931 | ) | 33,512,055 | ||||
Total liabilities and shareholders’ equity | 49,802,689 | (8,970,931 | ) | 40,831,758 | ||||
Consolidated Statement of Operations | ||||||||
Three Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Mineral property expenses | 282,478 | 89,506 | 371,984 | |||||
Impairment of uranium properties | 769,580 | (765,879 | ) | 3,701 | ||||
Total cost of uranium sales | 1,793,615 | (676,373 | ) | 1,117,242 | ||||
Loss from operations before corporate expenses | (1,793,615 | ) | 676,373 | (1,117,242 | ) | |||
Loss from operations | (4,001,108 | ) | 676,373 | (3,324,735 | ) | |||
Net loss | (3,949,264 | ) | 676,373 | (3,272,891 | ) | |||
Basic and diluted net loss per common share | (0.20 | ) | 0.04 | (0.16 | ) | |||
Consolidated Statement of Operations | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Mineral property expenses | 1,033,838 | 762,475 | 1,796,313 | |||||
Impairment of uranium properties | 1,449,235 | (765,879 | ) | 683,356 | ||||
Total cost of uranium sales | 4,887,442 | (3,404 | ) | 4,884,038 | ||||
Loss from operations before corporate expenses | (4,887,442 | ) | 3,404 | (4,884,038 | ) | |||
Loss from operations | (11,753,195 | ) | 3,404 | (11,749,791 | ) | |||
Net loss | (11,946,442 | ) | 3,404 | (11,943,038 | ) | |||
Basic and diluted net loss per common share | (0.63 | ) | 0 | (0.63 | ) | |||
Consolidated Statement of Cash Flows | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Net loss | (11,946,442 | ) | 3,404 | (11,943,038 | ) | |||
Impairment of uranium properties | 1,449,235 | (765,879 | ) | 683,356 | ||||
Additions to uranium properties | (884,640 | ) | 762,475 | (122,165 | ) | |||
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 | ) |
LIQUIDITY_AND_GOING_CONCERN
LIQUIDITY AND GOING CONCERN | 9 Months Ended |
Sep. 30, 2013 | |
LIQUIDITY AND GOING CONCERN | ' |
LIQUIDITY AND GOING CONCERN | ' |
4. LIQUIDITY AND GOING CONCERN | |
The Company had negative cash flow from operations of $11.5 million for the nine months ended September 30, 2013. Our cash position was $2.0 million at September 30, 2013. 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”) in the amount of $8.6 million, whereby the Company received $3.6 million in cash, net of expenses and $5.0 million was used to repay the short term financing from its largest shareholder, Resource Capital Fund V L.P. (“RCF”). RCF owns approximately 32.8% of the Company’s common stock. | |
In February 2013, the Company secured a new source to satisfy its financial surety obligations for the Texas regulatory agencies. Previously, the Company had met its financial surety obligations through a combination of bank issued letters of credit (the “L/Cs”) and bonds issued for the benefit of the Company. These financial surety arrangements required the Company to fully collateralize the face amount of the L/C’s and the bonds with short term investment vehicles. This requirement resulted in the Company posting $9.3 million in cash that was restricted for the purpose of collateralizing these obligations. The Company’s new financial surety arrangements are provided by Lexon Insurance Company (“Lexon”) in the form of bonds issued for the benefit of the Company. The amount of the bonds written by Lexon total approximately $9.0 million and the collateral requirements of these bonds requires the Company to maintain 40% of the value of the bonds in the form of restricted cash. This change in collateral requirement occurred in April 2013 and reduced the amount of restricted cash required by the Company to $3.6 million and resulted in a corresponding increase in cash to the Company of $5.4 million. | |
In the fourth quarter of 2011, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing the Company to sell from time to time its common shares having an aggregate offering price of up to $15.0 million, through an “at-the-market” equity offering program (“ATM Sales Agreement”). The Company did not make any sales under the ATM Sales Agreement in the third quarter of 2013 and has a total of $9.0 million available for future sales under the ATM Sales Agreement. | |
After careful consideration of a variety of financing options, on October 14, 2013, the Company and RCF entered into a non-binding letter agreement (the “Letter Agreement”) whereby RCF agreed, subject to the terms and conditions set forth in the Letter Agreement, to provide a secured convertible loan facility of up to $15.0 million to the Company (the “Facility”). RCF’s investment committee approved the Facility on October 17, 2013, subject to a number of conditions precedent and the terms and conditions in the Letter Agreement. The Facility would provide the Company with $3.0 million upon closing, which is expected on or before November 15, 2013, another $2 million would be available upon stockholder approval, which is expected to occur on or before January 31, 2014, and two additional tranches of $5.0 million each would be available in 2014 at the election of the Company. | |
There can be no assurance that the Facility will be available on or before November 15, 2013 or that the Facility will be completed on the terms contemplated or on other terms. As of October 21, 2013, the Company had a cash balance of approximately $1.3 million. On average, the Company has been expending approximately $1.3 million of cash per month during the first nine months of 2013 and expects to spend $1.1 million per month during the balance of 2013. If adequate funds are not available through the Facility, the Company will need to seek alternative sources of debt or equity capital and to the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the issuance of such securities may result in substantial dilution to existing stockholders. There can be no assurance that the Company will be able to obtain additional capital if the Facility does not close, that the terms of alternative capital would not be less favorable to the Company or that such additional capital could be obtained on a timely basis, if at all. If additional capital is not available in sufficient amounts or on a timely basis, the Company will experience liquidity problems in the near future, and the Company could face the need to significantly curtail current operations, change planned business strategies and pursue other remedial measures. | |
The Company’s condensed consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern; however, should the Company be unsuccessful in closing the financing transaction with RCF discussed above, it would raise substantial doubt about the Company’s ability to do so. The condensed consolidated interim financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. | |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
5. PROPERTY, PLANT AND EQUIPMENT | ||||||||
Certain of the balances presented below have been restated as described in Note 3: | ||||||||
Property, Plant and | ||||||||
Equipment, net at: | ||||||||
9/30/13 | 12/31/12 | |||||||
(Restated) | (Restated) | |||||||
Uranium plant | $ | 9,451,000 | $ | 9,532,000 | ||||
Permits and licenses | 174,000 | 174,000 | ||||||
Mineral rights and properties | 20,874,000 | 20,872,000 | ||||||
Evaluation and delineation | 2,022,000 | 2,022,000 | ||||||
Vehicles/depreciable equipment | 1,230,000 | 1,435,000 | ||||||
Other property, plant and equipment | 596,000 | 705,000 | ||||||
Total | $ | 34,347,000 | $ | 34,740,000 | ||||
Impairment of Uranium Properties | ||||||||
The Company shut-in production at certain of its South Texas properties in 2009. The Company reviews the estimated cost of restoration and remediation activities on these particular mineral properties at each quarter end. For any increase in estimated cost, the Company initially records the change on its balance sheet by increasing the mineral property asset and increasing the asset retirement obligation in accordance with U.S. generally accepted accounting principles (ASC 410-20-35-8). However, because there is no further production expected from these particular South Texas properties, the increase in costs recorded to the mineral property asset are then expensed as impairment expense on the statement of operations. | ||||||||
For the nine months ended September 30, 2013 and 2012, as a result of the accounting procedure described above, and the write-offs described above, the Company recorded impairment costs in the amount of approximately $683,000 and $1,048,000, respectively. The impairment provision for the three months ended September 30, 2013 was $4,000, compared to $297,000 for the corresponding period in 2012. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||||||
6. SHAREHOLDERS’ EQUITY | ||||||||||||||||
Reverse Stock Split | ||||||||||||||||
Immediately following the close of trading on January 22, 2013, the Company completed a 1 for 10 reverse stock split for its common stock. With the reverse stock split, every ten shares of the Company’s issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split had no effect on the par value of the shares or the authorized number of shares of the Company. The reverse split reduced the number of URI’s outstanding common stock from approximately 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split as of December 31, 2012. | ||||||||||||||||
The following table details the changes in shareholders’ equity for the nine months ended September 30, 2013: | ||||||||||||||||
Common Stock | Paid-In | Accumulated | Treasury | |||||||||||||
Shares | Amount | Capital | Deficit | Stock | ||||||||||||
(Restated) | ||||||||||||||||
Balances, December 31, 2012, as reported | 16,150,163 | $ | 16,154 | $ | 207,338,549 | $ | (162,201,908 | ) | $ | (9,418 | ) | |||||
Prior period adjustment | — | — | — | (8,974,335 | ) | — | ||||||||||
Balances, December 31, 2012, as restated | 16,150,163 | $ | 16,154 | $ | 207,338,549 | $ | (171,176,243 | ) | $ | (9,418 | ) | |||||
Net loss, restated | — | — | — | (11,943,038 | ) | |||||||||||
Stock compensation expense | — | — | 299,286 | — | — | |||||||||||
Common stock issued - payment of loan principal and interest services | 1,992,127 | 1,992 | 5,093,841 | — | — | |||||||||||
Common stock issued - shareholder rights offering | 1,547,843 | 1,548 | 3,597,884 | — | — | |||||||||||
Common stock issued for services | 83,200 | 83 | 291,417 | — | — | |||||||||||
Restricted stock issuance | 46,925 | 47 | (47 | ) | — | — | ||||||||||
Balances, September 30, 2013, as restated | 19,820,258 | $ | 19,824 | $ | 216,620,930 | $ | (183,119,281 | ) | $ | (9,418 | ) | |||||
See Note 7 - Stock Based Compensation for further discussion of stock compensation expense and restricted stock issuance. | ||||||||||||||||
Equity Infusion—Shareholder Rights Offering | ||||||||||||||||
In March 2013, the Company completed the Rights Offering, whereby 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. 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. | ||||||||||||||||
Under the Rights Offering, the Company raised $3.6 million in cash, net of expenses and $5.0 million was used to repay the short term financing from RCF, whereby RCF was issued 1.96 million shares of the Company’s common stock. Also in connection with the RCF short term financing, the Company issued 31,343 shares of common stock in 2013 to pay fourth quarter 2012 and first quarter 2013 interest accrued on the loan of $16,667 and $79,167, respectively. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||
7. STOCK BASED COMPENSATION | ||||||||||||||
Our stock based compensation programs consist of stock option and restricted stock grants made to employees and directors. | ||||||||||||||
2013 Omnibus Incentive Plan | ||||||||||||||
In June 2013, the Company’s stockholders and Board approved the 2013 Omnibus Incentive Plan (“2013 OIP”) that governs all future share-based awards. A total of approximately 1 million shares are available to be issued under the 2013 OIP. | ||||||||||||||
Stock Compensation Expense | ||||||||||||||
Stock compensation expense for the nine months ended September 30, 2013 and 2012 was $299,000 and $374,000, respectively. Stock compensation expense is recorded as a component of general and administrative expenses for each period. The Company did not recognize 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. | ||||||||||||||
On January 16, 2013, the Company granted to a newly appointed non-employee director stock options to purchase 5,000 common shares of the Company. The fair value for this issuance was $3.30. | ||||||||||||||
On March 12, 2013, the Company granted 25,000 restricted shares of the Company’s common stock to the new President and Chief Executive Officer, subject to service and performance vesting criteria over a three-year period. The fair value for this issuance was $2.73. | ||||||||||||||
On March 12, 2013, the Company also granted to the new President and Chief Executive Officer stock options to purchase 55,000 common shares of the Company, subject to service and performance vesting criteria over a three-year period. The fair value for this issuance was $1.98. | ||||||||||||||
On March 12, 2013, the Company granted 25,000 restricted shares of the Company’s common stock to a former executive of the Company in connection with a separation agreement signed with the executive. The Company recognized stock compensation expense for the restricted share grants of $43,000 in the first half of 2013 in connection with this issuance. In addition, the Company extended the exercise period for certain previously issued stock options for this former executive and recognized stock compensation expense for this modification of $134,000 in the first half of 2013. | ||||||||||||||
On June 4, 2013, the Compensation Committee approved a grant of 100,000 shares of restricted stock units under the 2013 OIP to the President and Chief Executive Officer, subject to specific vesting criteria over a three-year period. The fair value for this issuance was $2.83. | ||||||||||||||
On June 4, 2013, the Board also approved a grant of a total of 100,000 restricted stock units under the 2013 OIP to the Company’s non-employee Directors, subject to specific vesting criteria over a three-year period. The fair value for this issuance was $2.83. | ||||||||||||||
On July 30, 2013, the Compensation Committee approved a grant of 80,000 shares of restricted stock units under the 2013 OIP to the Vice President-Finance and Chief Financial Officer, subject to specific vesting criteria over a three-year period. The fair value for this issuance was $4.50. | ||||||||||||||
The fair value of stock options granted to employees and directors was estimated on the dates of the grants using the Black-Sholes option pricing model with the following assumptions used for the grants made during the period: | ||||||||||||||
Risk free rate | 1.40% - 2.16% | |||||||||||||
Expected life | 5.7 — 7.8 years | |||||||||||||
Expected volatility | 84% - 89% | |||||||||||||
Expected dividend yield | 0.00% | |||||||||||||
The total estimated unrecognized compensation cost from the unvested stock options and restricted grants at September 30, 2013 was approximately $1,058,000, which is expected to be recognized over the weighted average vesting period of the individual grants which range from 1-3 years. | ||||||||||||||
Stock Options for the Nine Months Ended September 30, 2013 | ||||||||||||||
The following table summarizes stock options outstanding and changes during the nine-month period ended September 30, 2013: | ||||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | |||||||||||
Shares | Average | Remaining | Intrinsic | |||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||
(Years) | ||||||||||||||
Options outstanding at January 1, 2013 | 317,270 | $ | 24.62 | |||||||||||
Granted | 60,000 | 2.85 | ||||||||||||
Exercised | — | — | ||||||||||||
Canceled or forfeited | (72,791 | ) | 25.9 | |||||||||||
Options outstanding at September 30,2013 | 304,479 | $ | 20.02 | 4.1 | $ | — | ||||||||
Options exercisable at September 30, 2013 | 226,980 | $ | 25.57 | 2.3 | $ | — | ||||||||
Shares available for grant under the Company’s stock option plans as of September 30, 2013 were 907,914. | ||||||||||||||
Stock options outstanding and currently exercisable at September 30, 2013 are as follows: | ||||||||||||||
Outstanding Options | Options Exercisable | |||||||||||||
Stock Option Plan | Number of | Weighted | Weighted | Number of | Weighted | |||||||||
Options | Average | Average | Options | Average | ||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | ||||||||||
Contractual | Price | Price | ||||||||||||
Life (in | ||||||||||||||
years) | ||||||||||||||
1995 Stock Incentive Plan | 145,906 | 0.9 | $ | 13.46 | 145,906 | $ | 13.46 | |||||||
2004 Stock Incentive Plan | 85,241 | 7.8 | 13.92 | 29,408 | 34.74 | |||||||||
2004 Director’s Plan | 73,332 | 6.1 | 40.19 | 51,666 | 54.57 | |||||||||
304,479 | 4.1 | $ | 20.02 | 226,980 | $ | 25.57 |
ASSET_RETIREMENT_OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||
8. ASSET RETIREMENT OBLIGATIONS | |||||
The following table shows the change in the balance of the restoration and reclamation liability during the nine months ended September 30, 2013: | |||||
Reserve for future restoration and reclamation costs, beginning of year | $ | 4,498,057 | |||
Additions and changes in cash flow estimates | 584,025 | ||||
Costs incurred | (1,269,663 | ) | |||
Accretion expense | 292,305 | ||||
Reserve for future restoration and reclamation costs, end of period | $ | 4,104,724 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2013 | |
EARNINGS PER SHARE | ' |
EARNINGS PER SHARE | ' |
9. EARNINGS PER SHARE | |
The basic earnings per share calculation includes no dilution and is computed by dividing income or loss attributed to common stockholders by the weighted-average number of common shares outstanding for the period. The diluted earnings per share reflects the potential dilution that could occur if stock options and warrants were exercised or converted into common stock. Potentially dilutive shares of 426,841 were excluded from the calculation of earnings per share because they were anti-dilutive due to our net loss position for the nine months ended September 30, 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
10. COMMITMENTS AND CONTINGENCIES | |
In July 2013, the Company amended its uranium supply contract with Itochu Corporation (“Itochu”) to include a new sales pricing structure, new delivery dates and quantity levels. Pursuant to the amended agreement, Itochu would purchase one-half of all production from the Company’s Vasquez, Rosita or Kingsville properties up to three million pounds of U3O8. Any new production outside of those areas is not subject to the agreement. The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U3O8 or less, or seven percent when greater than $56.50 per pound. | |
The Company’s mining operations are subject to federal and state regulations for the protection of the environment, including water quality regulations. These laws periodically change and generally become more restrictive. The ongoing costs of complying with such regulations have not been significant to the Company’s annual operating costs. Future 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. | |
Registration Statements | |
In connection with our May 2008 private placement and the March 2012 investment agreement with RCF, the Company executed registration rights agreements pursuant to which the shares issued in the private placement and under the investment agreement were registered. The registration rights agreements provide for penalties in the event the registration statements fail to remain effective. At September 30, 2013, the Company’s registration statements were and remain effective. | |
Employment Agreements | |
The Company has entered into employment 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 employment 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. | |
In March 2013, the Company entered into an Employment Agreement with the Company’s new President and Chief Executive Officer with a one-year term (subject to subsequent automatic one-year renewals). In the event his employment is terminated following a change in control, he would be entitled to two year’s base salary payable in a lump sum within 30 days after his termination date. In the event the Company terminates the Employment Agreement during its term, other than for cause or elects not to renew the Employment Agreement at the conclusion of its term, he would be entitled to one year’s base salary payable in a lump sum within 30 days after his termination date. | |
In June 2013, the Company entered into an Employment Agreement with the Company’s new Vice President — Finance and Chief Financial Officer with a one-year term (subject to subsequent automatic one-year renewals). In the event his employment is terminated following a change in control, he would be entitled to one year’s base salary payable in a lump sum within 30 days after his termination date. In the event the Company terminates the Employment Agreement during its term, other than for cause or elects not to renew the Employment Agreement at the conclusion of its terms, he would be entitled to six month’s base salary payable in a lump sum within 30 days after his termination date. |
RESTATEMENT_Tables
RESTATEMENT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
RESTATEMENT | ' | |||||||
Schedule of effects of the restatement adjustments on financial statements | ' | |||||||
Consolidated Balance Sheet | ||||||||
30-Sep-13 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Assets | ||||||||
Property, plant and equipment | 108,862,877 | (8,970,931 | ) | 99,891,946 | ||||
Total Assets | 49,802,689 | (8,970,931 | ) | 40,831,758 | ||||
Shareholders’ equity | ||||||||
Accumulated deficit | (174,148,350 | ) | (8,970,931 | ) | (183,119,281 | ) | ||
Total shareholders’ equity | 42,482,986 | (8,970,931 | ) | 33,512,055 | ||||
Total liabilities and shareholders’ equity | 49,802,689 | (8,970,931 | ) | 40,831,758 | ||||
Consolidated Statement of Operations | ||||||||
Three Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Mineral property expenses | 282,478 | 89,506 | 371,984 | |||||
Impairment of uranium properties | 769,580 | (765,879 | ) | 3,701 | ||||
Total cost of uranium sales | 1,793,615 | (676,373 | ) | 1,117,242 | ||||
Loss from operations before corporate expenses | (1,793,615 | ) | 676,373 | (1,117,242 | ) | |||
Loss from operations | (4,001,108 | ) | 676,373 | (3,324,735 | ) | |||
Net loss | (3,949,264 | ) | 676,373 | (3,272,891 | ) | |||
Basic and diluted net loss per common share | (0.20 | ) | 0.04 | (0.16 | ) | |||
Consolidated Statement of Operations | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Mineral property expenses | 1,033,838 | 762,475 | 1,796,313 | |||||
Impairment of uranium properties | 1,449,235 | (765,879 | ) | 683,356 | ||||
Total cost of uranium sales | 4,887,442 | (3,404 | ) | 4,884,038 | ||||
Loss from operations before corporate expenses | (4,887,442 | ) | 3,404 | (4,884,038 | ) | |||
Loss from operations | (11,753,195 | ) | 3,404 | (11,749,791 | ) | |||
Net loss | (11,946,442 | ) | 3,404 | (11,943,038 | ) | |||
Basic and diluted net loss per common share | (0.63 | ) | 0 | (0.63 | ) | |||
Consolidated Statement of Cash Flows | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
As Reported | Adjustment | As Restated | ||||||
$ | $ | $ | ||||||
Net loss | (11,946,442 | ) | 3,404 | (11,943,038 | ) | |||
Impairment of uranium properties | 1,449,235 | (765,879 | ) | 683,356 | ||||
Additions to uranium properties | (884,640 | ) | 762,475 | (122,165 | ) | |||
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 | ) |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
Property, Plant and | ||||||||
Equipment, net at: | ||||||||
9/30/13 | 12/31/12 | |||||||
(Restated) | (Restated) | |||||||
Uranium plant | $ | 9,451,000 | $ | 9,532,000 | ||||
Permits and licenses | 174,000 | 174,000 | ||||||
Mineral rights and properties | 20,874,000 | 20,872,000 | ||||||
Evaluation and delineation | 2,022,000 | 2,022,000 | ||||||
Vehicles/depreciable equipment | 1,230,000 | 1,435,000 | ||||||
Other property, plant and equipment | 596,000 | 705,000 | ||||||
Total | $ | 34,347,000 | $ | 34,740,000 |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||||||
Schedule of changes in shareholders' equity | ' | |||||||||||||||
Common Stock | Paid-In | Accumulated | Treasury | |||||||||||||
Shares | Amount | Capital | Deficit | Stock | ||||||||||||
(Restated) | ||||||||||||||||
Balances, December 31, 2012, as reported | 16,150,163 | $ | 16,154 | $ | 207,338,549 | $ | (162,201,908 | ) | $ | (9,418 | ) | |||||
Prior period adjustment | — | — | — | (8,974,335 | ) | — | ||||||||||
Balances, December 31, 2012, as restated | 16,150,163 | $ | 16,154 | $ | 207,338,549 | $ | (171,176,243 | ) | $ | (9,418 | ) | |||||
Net loss, restated | — | — | — | (11,943,038 | ) | |||||||||||
Stock compensation expense | — | — | 299,286 | — | — | |||||||||||
Common stock issued - payment of loan principal and interest services | 1,992,127 | 1,992 | 5,093,841 | — | — | |||||||||||
Common stock issued - shareholder rights offering | 1,547,843 | 1,548 | 3,597,884 | — | — | |||||||||||
Common stock issued for services | 83,200 | 83 | 291,417 | — | — | |||||||||||
Restricted stock issuance | 46,925 | 47 | (47 | ) | — | — | ||||||||||
Balances, September 30, 2013, as restated | 19,820,258 | $ | 19,824 | $ | 216,620,930 | $ | (183,119,281 | ) | $ | (9,418 | ) |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||||
Schedule of assumptions used to estimate fair value of stock options granted to employees and directors | ' | |||||||||||||
Risk free rate | 1.40% - 2.16% | |||||||||||||
Expected life | 5.7 — 7.8 years | |||||||||||||
Expected volatility | 84% - 89% | |||||||||||||
Expected dividend yield | 0.00% | |||||||||||||
Summary of stock options outstanding and changes during the period | ' | |||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | |||||||||||
Shares | Average | Remaining | Intrinsic | |||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||
(Years) | ||||||||||||||
Options outstanding at January 1, 2013 | 317,270 | $ | 24.62 | |||||||||||
Granted | 60,000 | 2.85 | ||||||||||||
Exercised | — | — | ||||||||||||
Canceled or forfeited | (72,791 | ) | 25.9 | |||||||||||
Options outstanding at September 30,2013 | 304,479 | $ | 20.02 | 4.1 | $ | — | ||||||||
Options exercisable at September 30, 2013 | 226,980 | $ | 25.57 | 2.3 | $ | — | ||||||||
Schedule of stock options outstanding and currently exercisable | ' | |||||||||||||
Outstanding Options | Options Exercisable | |||||||||||||
Stock Option Plan | Number of | Weighted | Weighted | Number of | Weighted | |||||||||
Options | Average | Average | Options | Average | ||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | ||||||||||
Contractual | Price | Price | ||||||||||||
Life (in | ||||||||||||||
years) | ||||||||||||||
1995 Stock Incentive Plan | 145,906 | 0.9 | $ | 13.46 | 145,906 | $ | 13.46 | |||||||
2004 Stock Incentive Plan | 85,241 | 7.8 | 13.92 | 29,408 | 34.74 | |||||||||
2004 Director’s Plan | 73,332 | 6.1 | 40.19 | 51,666 | 54.57 | |||||||||
304,479 | 4.1 | $ | 20.02 | 226,980 | $ | 25.57 |
ASSET_RETIREMENT_OBLIGATIONS_T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||
Schedule of change in the balance of the restoration and reclamation liability | ' | ||||
Reserve for future restoration and reclamation costs, beginning of year | $ | 4,498,057 | |||
Additions and changes in cash flow estimates | 584,025 | ||||
Costs incurred | (1,269,663 | ) | |||
Accretion expense | 292,305 | ||||
Reserve for future restoration and reclamation costs, end of period | $ | 4,104,724 |
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
DESCRIPTION OF BUSINESS | ' |
Number of licensed processing facilities | 2 |
Maximum uranium entity licensed to produce (in pounds per year) | 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 | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
As Reported | As Reported | As Reported | As Reported | Adjustment | Adjustment | Adjustment | Adjustment | Adjustments to property expenditures | ||||||
Adjustment | ||||||||||||||
Cumulative adjustment to mineral property expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,974,000 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 99,891,946 | ' | 99,891,946 | ' | 100,058,667 | 108,862,877 | ' | 108,862,877 | ' | -8,970,931 | ' | -8,970,931 | ' | ' |
Total Assets | 40,831,758 | ' | 40,831,758 | ' | 49,604,435 | 49,802,689 | ' | 49,802,689 | ' | -8,970,931 | ' | -8,970,931 | ' | ' |
Shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -183,119,281 | ' | -183,119,281 | ' | -171,176,243 | -174,148,350 | ' | -174,148,350 | ' | -8,970,931 | ' | -8,970,931 | ' | ' |
Total shareholders' equity | 33,512,055 | ' | 33,512,055 | ' | 36,169,042 | 42,482,986 | ' | 42,482,986 | ' | -8,970,931 | ' | -8,970,931 | ' | ' |
Total liabilities and shareholders' equity | 40,831,758 | ' | 40,831,758 | ' | 49,604,435 | 49,802,689 | ' | 49,802,689 | ' | -8,970,931 | ' | -8,970,931 | ' | ' |
Consolidated Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral property expenses | 371,984 | 981,657 | 1,796,313 | 3,215,697 | ' | 282,478 | 12,402 | 1,033,838 | 69,861 | 89,506 | 969,255 | 762,475 | 3,145,836 | ' |
Impairment of uranium properties | 3,701 | 296,628 | 683,356 | 1,048,400 | ' | 769,580 | ' | 1,449,235 | ' | -765,879 | ' | -765,879 | ' | ' |
Total cost of uranium sales | 1,117,242 | 2,169,041 | 4,884,038 | 6,572,751 | ' | 1,793,615 | 1,199,786 | 4,887,442 | 3,426,915 | -676,373 | 969,255 | -3,404 | 3,145,836 | ' |
Loss from operations before corporate expenses | -1,117,242 | -2,169,041 | -4,884,038 | -6,572,751 | ' | -1,793,615 | -1,199,786 | -4,887,442 | -3,426,915 | 676,373 | -969,255 | 3,404 | -3,145,836 | ' |
Loss from operations | -3,324,735 | -5,204,615 | -11,749,791 | -14,868,854 | ' | -4,001,108 | -4,235,360 | -11,753,195 | -11,723,018 | 676,373 | -969,255 | 3,404 | -3,145,836 | ' |
Net Loss | -3,272,891 | -5,190,169 | -11,943,038 | -14,633,899 | ' | -3,949,264 | -4,220,914 | -11,946,442 | -11,488,063 | 676,373 | -969,255 | 3,404 | -3,145,836 | ' |
Basic and diluted net loss per common share (in dollars per share) | ($0.16) | ($0.42) | ($0.63) | ($1.34) | ' | ($0.20) | ($0.34) | ($0.63) | ($1.05) | $0.04 | ($0.08) | $0 | ($0.29) | ' |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -3,272,891 | -5,190,169 | -11,943,038 | -14,633,899 | ' | -3,949,264 | -4,220,914 | -11,946,442 | -11,488,063 | 676,373 | -969,255 | 3,404 | -3,145,836 | ' |
Impairment of uranium properties | 3,701 | 296,628 | 683,356 | 1,048,400 | ' | 769,580 | ' | 1,449,235 | ' | -765,879 | ' | -765,879 | ' | ' |
Additions to uranium properties | ' | ' | ($122,165) | ($1,132,294) | ' | ' | ' | ($884,640) | ($4,278,130) | ' | ' | $762,475 | $3,145,836 | ' |
LIQUIDITY_AND_GOING_CONCERN_De
LIQUIDITY AND GOING CONCERN (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 21, 2013 | Mar. 31, 2013 | Oct. 17, 2013 | Oct. 14, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Apr. 30, 2013 | Feb. 28, 2013 | |
Subsequent event | Rights offering | RCF | RCF | RCF | RCF | BTIG, LLC | BTIG, LLC | Lexon | Lexon | |||||
Letter Agreement | Letter Agreement | Rights offering | Rights offering | ATM Sales Agreement | Maximum | |||||||||
Secured convertible loan facility | Secured convertible loan facility | Short term financing | ATM Sales Agreement | |||||||||||
Subsequent event | Subsequent event | |||||||||||||
tranch | ||||||||||||||
LIQUIDITY AND GOING CONCERN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Negative cash flow from operations | $11,512,872 | $13,541,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 2,006,833 | 3,978,348 | 4,664,596 | 2,890,263 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Shareholder Rights Offering | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of shares of common stock in cash | 3,599,432 | 19,328,360 | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Short term financing repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 32.80% | ' | ' | ' | ' | ' |
Restricted cash | 4,010,850 | ' | 9,491,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | 9,300,000 |
Amount of the bonds written by the insurer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 |
Required collateral as a percentage of bond amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% |
Increase in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' |
Aggregate offering price of the shares of common stock available to be sold under ATM Sales Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 15,000,000 | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' |
Borrowing which is expected on or before November 15, 2013 | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowing which is expected to occur on or before January 31, 2014 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of additional tranches | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Tranches available in 2014 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of cash expended | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cash expended each month | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | $34,347,105 | ' | $34,347,105 | ' | $34,739,746 |
Impairment provision | 3,701 | 296,628 | 683,356 | 1,048,400 | ' |
Uranium plant | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | 9,451,000 | ' | 9,451,000 | ' | 9,532,000 |
Permits and licenses | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | 174,000 | ' | 174,000 | ' | 174,000 |
Mineral rights and properties | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | 20,874,000 | ' | 20,874,000 | ' | 20,872,000 |
Evaluation and delineation | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | 2,022,000 | ' | 2,022,000 | ' | 2,022,000 |
Vehicles/depreciable equipment | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | 1,230,000 | ' | 1,230,000 | ' | 1,435,000 |
Other property, plant and equipment | ' | ' | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | ' | ' |
Property, Plant and Equipment Balances (net) | $596,000 | ' | $596,000 | ' | $705,000 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 7 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Jan. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
As Reported | As Reported | As Reported | As Reported | Adjustment | Adjustment | Adjustment | Adjustment | Rights offering | RCF | RCF | RCF | RCF | Common Stock | Common Stock | Paid-In Capital | Paid-In Capital | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Treasury Stock | Treasury Stock | Treasury Stock | ||||||
item | Short term financing | Short term financing | Short term financing | Rights offering | As Reported | As Reported | As Reported | Adjustment | As Reported | |||||||||||||||||||
Short term financing | ||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock outstanding before reverse stock split (in shares) | 161,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 16,100,000 | 19,820,258 | ' | 19,820,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,820,258 | 16,150,163 | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in shareholders equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | ' | 16,150,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,150,163 | 16,150,163 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | $36,169,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,154 | $16,154 | $207,338,549 | $207,338,549 | ($171,176,243) | ($162,201,908) | ($8,974,335) | ($9,418) | ($9,418) | ($9,418) |
Net loss, restated | ' | -3,272,891 | -5,190,169 | -11,943,038 | -14,633,899 | -3,949,264 | -4,220,914 | -11,946,442 | -11,488,063 | 676,373 | -969,255 | 3,404 | -3,145,836 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,943,038 | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,286 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued - payment of loan principal and interest services (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,343 | ' | 1,992,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued - payment of loan principal and interest services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,992 | ' | 5,093,841 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued - shareholder rights offering (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,547,843 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued - shareholder rights offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,548 | ' | 3,597,884 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for services (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for services | ' | ' | ' | 291,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83 | ' | 291,417 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issuance | ' | ' | ' | 47 | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | -47 | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | 16,100,000 | 19,820,258 | ' | 19,820,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,820,258 | 16,150,163 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | 33,512,055 | ' | 33,512,055 | ' | 42,482,986 | ' | 42,482,986 | ' | -8,970,931 | ' | -8,970,931 | ' | ' | ' | ' | ' | ' | 19,824 | 16,154 | 216,620,930 | 207,338,549 | -183,119,281 | -162,201,908 | -8,974,335 | -9,418 | -9,418 | -9,418 |
Short term financing repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest accrued on the loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,167 | 16,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subscription rights issued for each share of common stock owned or subject to a warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-transferrable subscription rights received (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of shares of common stock in cash | ' | ' | ' | $3,599,432 | $19,328,360 | ' | ' | ' | ' | ' | ' | ' | ' | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 12, 2013 | Jun. 30, 2013 | Jan. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 12, 2013 | Mar. 12, 2013 | Jun. 30, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Jul. 30, 2013 | |
2013 Omnibus Incentive Plan | Minimum | Maximum | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Restricted stock | Restricted stock | Restricted stock | Restricted stock units | Restricted stock units | Restricted stock units | |||
President/CEO | Former Executive Officer | Non-employee Directors | Minimum | Maximum | President/CEO | Former Executive Officer | Former Executive Officer | President/CEO | Non-employee Directors | Vice President-Finance and Chief Financial Officer | |||||||
2013 Omnibus Incentive Plan | 2013 Omnibus Incentive Plan | 2013 Omnibus Incentive Plan | |||||||||||||||
Stock-Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense (in dollars) | $299,000 | $374,000 | ' | ' | ' | ' | ' | $134,000 | ' | ' | ' | ' | ' | $43,000 | ' | ' | ' |
Stock options granted (in shares) | 60,000 | ' | ' | ' | ' | ' | 55,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 25,000 | ' | 100,000 | 100,000 | 80,000 |
Fair market value (in dollars per share) | ' | ' | ' | ' | ' | ' | $1.98 | ' | $3.30 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of award issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.73 | ' | ' | $2.83 | $2.83 | $4.50 |
Total estimated unrecognized compensation cost (in dollars) | $1,058,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '1 year | '3 years | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | '3 years | '3 years | '3 years |
Shares available for grant | ' | ' | 1,000,000 | ' | ' | 907,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used to estimate fair value of stock options granted to employees and directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 2.16% | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 8 months 12 days | '7 years 9 months 18 days | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.00% | 89.00% | ' | ' | ' | ' | ' | ' |
Expected dividend yield (as a percent) | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCK_BASED_COMPENSATION_Detai1
STOCK BASED COMPENSATION (Details 2) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Outstanding Options, Number of Shares | ' |
Outstanding at the beginning of the period (in shares) | 317,270 |
Granted (in shares) | 60,000 |
Canceled or forfeited (in shares) | -72,791 |
Outstanding at the end of the period (in shares) | 304,479 |
Exercisable at the end of the period (in shares) | 226,980 |
Outstanding Options, Weighted Average Exercise Price | ' |
Outstanding at the beginning of the period (in dollars per share) | $24.62 |
Granted (in dollars per share) | $2.85 |
Canceled or forfeited (in dollars per share) | $25.90 |
Outstanding at the end of the period (in dollars per share) | $20.02 |
Exercisable at the end of the period (in dollars per share) | $25.57 |
Outstanding Options, Weighted Average Remaining Contractual Term | ' |
Outstanding at the end of the period | '4 years 1 month 6 days |
Exercisable at the end of the period | '2 years 3 months 18 days |
STOCK_BASED_COMPENSATION_Detai2
STOCK BASED COMPENSATION (Details 3) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Options Outstanding | ' | ' |
Number of Options Outstanding (in shares) | 304,479 | 317,270 |
Weighted Average Remaining Contractual Life | '4 years 1 month 6 days | ' |
Weighted Average Exercise price (in dollars per share) | $20.02 | $24.62 |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 226,980 | ' |
Weighted Average Exercise Price (in dollars per share) | $25.57 | ' |
1995 Stock Incentive Plan | ' | ' |
Options Outstanding | ' | ' |
Number of Options Outstanding (in shares) | 145,906 | ' |
Weighted Average Remaining Contractual Life | '10 months 24 days | ' |
Weighted Average Exercise price (in dollars per share) | $13.46 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 145,906 | ' |
Weighted Average Exercise Price (in dollars per share) | $13.46 | ' |
2004 Stock Incentive Plan | ' | ' |
Options Outstanding | ' | ' |
Number of Options Outstanding (in shares) | 85,241 | ' |
Weighted Average Remaining Contractual Life | '7 years 9 months 18 days | ' |
Weighted Average Exercise price (in dollars per share) | $13.92 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 29,408 | ' |
Weighted Average Exercise Price (in dollars per share) | $34.74 | ' |
2004 Directors' Plan | ' | ' |
Options Outstanding | ' | ' |
Number of Options Outstanding (in shares) | 73,332 | ' |
Weighted Average Remaining Contractual Life | '6 years 1 month 6 days | ' |
Weighted Average Exercise price (in dollars per share) | $40.19 | ' |
Options Exercisable | ' | ' |
Number of Options Exercisable (in shares) | 51,666 | ' |
Weighted Average Exercise Price (in dollars per share) | $54.57 | ' |
ASSET_RETIREMENT_OBLIGATIONS_D
ASSET RETIREMENT OBLIGATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Change in the balance of the restoration and reclamation liability | ' | ' | ' | ' |
Reserve for future restoration and reclamation costs beginning of period | ' | ' | $4,498,057 | ' |
Additions and changes in cash flow estimates | ' | ' | 584,025 | ' |
Costs incurred | ' | ' | -1,269,663 | ' |
Accretion expense | 97,435 | 22,673 | 292,305 | 69,416 |
Reserve for future restoration and reclamation costs end of period | $4,104,724 | ' | $4,104,724 | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) | 9 Months Ended |
Sep. 30, 2013 | |
EARNINGS PER SHARE | ' |
Dilutive securities (in shares) | 0 |
Potential dilutive common stock excluded from the calculation of diluted earnings per share (in shares) | 426,841 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (Supply contract, Itochu) | 1 Months Ended |
Jul. 31, 2013 | |
lb | |
Supply contract | Itochu | ' |
Supply Commitment | ' |
Percentage of production from the Company's Vasquez, Rosita or Kingsville properties purchased by party | 50.00% |
Maximum commitment to supply number of units of U3O8 (in pounds) | 3,000,000 |
Discount percentage when the market price is $56.50 per pound of U3O8 or less | 5.00% |
Market price (in dollars per pound) | 56.5 |
Discount percentage when the market price is greater than $56.50 per pound | 7.00% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details 2) | 1 Months Ended | 9 Months Ended | 1 Months Ended |
Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | |
Vice President-Finance and Chief Financial Officer | Other officers | President and Chief Executive Officer | |
Y | Y | ||
Employment Agreements | ' | ' | ' |
Period to receive certain rights and benefits in the event of change in control | ' | '24 months | ' |
Term of employment agreement | '1 year | ' | '1 year |
Automatic renewal term of the employment agreement | '1 year | ' | '1 year |
Number of year's base salary that will be paid in the event of termination of employment of the vice president following a change in control | 1 | ' | 2 |
Period within which salary and bonus will be entitled in the event of employment termination following a change in control | '30 days | ' | '30 days |
Period for salary and bonus entitlement in the event of company terminating the employment agreement other than for cause or elects not to renew the agreement | '6 months | ' | '1 year |
Period within which salary and bonus will be entitled in the event of company terminating the employment agreement other than for cause or elects not to renew the agreement | '30 days | ' | '30 days |