Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | WESTWATER RESOURCES, INC. | |
Entity Central Index Key | 839,470 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 42,279,775 | |
Trading Symbol | WWR | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 1,637 | $ 4,054 |
Marketable securities | 605 | 1,361 |
Notes receivable - current | 1,795 | 1,750 |
Prepaid and other current assets | 683 | 668 |
Total Current Assets | 4,720 | 7,833 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 101,146 | 101,187 |
Less accumulated depreciation, depletion and impairment | (65,771) | (65,778) |
Net property, plant and equipment | 35,375 | 35,409 |
Restricted cash | 3,668 | 3,668 |
Notes receivable - non-current | 2,548 | 3,328 |
Total Assets | 46,311 | 50,238 |
Current Liabilities: | ||
Accounts payable | 1,000 | 538 |
Accrued liabilities | 1,595 | 2,352 |
Current portion of asset retirement obligations | 936 | 1,078 |
Total Current Liabilities | 3,531 | 3,968 |
Asset retirement obligations, net of current portion | 4,787 | 4,653 |
Other long-term liabilities and deferred credits | 500 | 500 |
Total Liabilities | 8,818 | 9,121 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares - 28,831,409 and 27,790,324, respectively Outstanding shares - 28,823,384 and 27,782,299, respectively | 29 | 28 |
Paid-in capital | 297,981 | 297,250 |
Accumulated other comprehensive (loss) income | (650) | 287 |
Accumulated deficit | (259,609) | (256,190) |
Treasury stock (8,025 and 8,025 shares, respectively), at cost | (258) | (258) |
Total Stockholders' Equity | 37,493 | 41,117 |
Total Liabilities and Stockholders' Equity | $ 46,311 | $ 50,238 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 28,831,409 | 27,790,324 |
Common stock, shares outstanding | 28,823,384 | 27,782,299 |
Treasury stock, shares | 8,025 | 8,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Expenses: | ||
Mineral property expenses | $ (782) | $ (769) |
General and administrative expenses | (1,805) | (1,668) |
Acquisition related costs | (755) | |
Accretion of asset retirement obligations | (134) | (132) |
Depreciation and amortization | (34) | (38) |
Total operating expenses | (3,510) | (2,607) |
Non-Operating Income/(Expenses): | ||
Loss on sale of marketable securities | (93) | |
Loss on extinguishment of convertible debt | (39) | |
Gain on disposal of uranium properties | 4,422 | |
Interest income | 174 | 52 |
Other income/(expense), net | 10 | 17 |
Total other income | 91 | 4,452 |
Net (Loss)/Income | (3,419) | 1,845 |
Other Comprehensive (Loss)/Income | ||
Unrealized fair value (decrease)/increase on available-for-sale securities | (937) | 430 |
Comprehensive (Loss)/Income | $ (4,356) | $ 2,275 |
BASIC AND DILUTED (LOSS)/INCOME PER SHARE | $ (0.12) | $ 0.09 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 27,967,842 | 21,601,847 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows and Supplemental Cash Flow Information (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities: | ||
Net (loss)/income | $ (3,419) | $ 1,845 |
Reconciliation of net (loss) income to cash used in operations: | ||
Accretion of asset retirement obligations | 134 | 132 |
Amortization of debt discount | 30 | |
Amortization of notes receivable discount | (168) | (175) |
Loss on extinguishment of convertible debt | 39 | |
Loss on sale of marketable securities | 93 | |
Costs incurred for restoration and reclamation activities | (142) | (14) |
Depreciation and amortization | 34 | 38 |
Stock compensation expense | 81 | 22 |
Gain on disposal of uranium properties | (4,422) | |
Amortization of non-cash investor relations fees | 25 | |
Effect of changes in operating working capital items: | ||
Increase in receivables | (5) | |
Increase in prepaid and other current assets | (14) | (151) |
Decrease in payables, accrued liabilities and deferred credits | (295) | (651) |
Net Cash Used In Operating Activities | (3,696) | (3,287) |
Cash Flows From Investing Activities: | ||
Proceeds from the sale of securities, net | 475 | |
Proceeds from disposal of property, plant and equipment | 1,950 | |
Proceeds from note receivable | 750 | |
Note advances for Alabama Graphite Corp. acquisition | (597) | |
Net Cash Provided By Investing Activities | 628 | 1,950 |
Cash Flows From Financing Activities: | ||
Payments on borrowings | (5,500) | |
Issuance of common stock, net | 651 | 13,388 |
Payment of minimum withholding taxes on net share settlements of equity awards | (1) | |
Net Cash Provided By Financing Activities | 651 | 7,887 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (2,417) | 6,550 |
Cash, cash equivalents and restricted cash, beginning of period | 7,722 | 7,273 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 5,305 | 13,823 |
Cash paid during the period for: | ||
Interest | 3 | 227 |
Supplemental Non-Cash Information for Investing and Financing Activities: | ||
Securities received for payment of notes receivable - Laramide | 750 | |
Securities received for asset disposal - Laramide | $ 568 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2017 | $ 28 | $ 297,250 | $ 287 | $ (256,190) | $ (258) | $ 41,117 |
Balance, shares at Dec. 31, 2017 | 27,790,324 | |||||
Net loss | (3,419) | (3,419) | ||||
Common stock issued, net of issuance costs | $ 1 | 650 | 651 | |||
Common stock issued, net of issuance costs, shares | 1,040,095 | |||||
Stock compensation expense and related share issuances, net of shares withheld for payment of taxes | 81 | 81 | ||||
Stock compensation expense and related share issuances, net of shares withheld for payment of taxes, shares | 990 | |||||
Unrealized holding loss on marketable securities | (937) | (937) | ||||
Balance at Mar. 31, 2018 | $ 29 | $ 297,981 | $ (650) | $ (259,609) | $ (258) | $ 37,493 |
Balance, shares at Mar. 31, 2018 | 28,831,409 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for Westwater Resources, Inc. (the “Company,” “we,” “us,” or “WWR”), formerly known as Uranium Resources, Inc., have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Westwater Resources, Inc.’s 2017 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2018. Recently Adopted Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, which will require that a statement of cash flows explain the change during a period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. Upon adopting ASU 2016-18, the Company has included the restricted cash amount in its beginning-of-period and end-of-period reconciliations of cash on its statement of cash flows and has removed restricted cash releases of $23,000 from the investing activities section of the cash flow statement for the three months ended March 31, 2017. In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01), Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business when determining whether a company has acquired or sold a business. The ASU applies to all entities and is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted under certain circumstances. The Company does not believe that the adoption of this guidance will have a material impact on its financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. For the three months ended March 31, (thousands of dollars) 2018 2017 Cash and cash equivalents $ 1,637 $ 9,882 Restricted cash - pledged deposits for performance bonds 3,668 3,941 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,305 $ 13,823 Funds deposited by the Company for collateralization of performance obligations are not available for the payment of general corporate obligations and are not included in cash equivalents. Restricted cash consists of pledged certificates of deposit and money market accounts. The bonds are collateralized performance bonds required for future restoration and reclamation obligations related to the Company’s South Texas production properties. Notes Receivable These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Assets with lives beyond one year are carried at amortized cost using the effective interest method less any provision for impairment. Assets with lives under a year are undiscounted and carried at full cost. Management monitors these assets for credit quality and recoverability on a quarterly basis, including the value of any collateral. If the value of the collateral, less selling or recovery costs, exceeds the recorded investment in the asset, no impairment costs would be recorded. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | 2. LIQUIDITY At March 31, 2018, the Company had working capital of $1.2 million, which along with the anticipated funding from the financing agreements described below is expected to provide it with the necessary liquidity through June 30, 2019. At December 31, 2017, the Company had working capital of $3.9 million. The decrease in working capital of $2.7 million for the three months ended March 31, 2018 was primarily due to the following: ● acquisition related costs incurred for the Alabama Graphite Corp. (“Alabama Graphite”) acquisition of $0.8 million. ● loan advances to Alabama Graphite to fund their operating and transaction costs of $0.6 million. ● a decrease of $0.8 million in the fair value of Laramide Resources Ltd. (“Laramide”) securities as of March 31, 2018. During 2017, the Company entered into the following financing agreements and anticipates funding from these sources to sustain operations through June 30, 2019: ● Controlled Equity Offering Sales Agreement On April 14, 2017, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”) acting as sales agent, pursuant to which the Company has registered the offer and sale from time to time of shares of its common stock having an aggregate offering price of up to $30.0 million (the “ATM Offering”), of which approximately $28.6 million is available for future sales as of May 7, 2018. The Company is unable to sell shares of its common stock through the Controlled Equity Offering Sales Agreement on dates that it places shares with Aspire Capital through its CSPA, as discussed below. ● Common Stock Purchase Agreement On September 25, 2017, the Company entered into a Common Stock Purchase Agreement (“CSPA”) with Aspire Capital Fund, LLC (“Aspire Capital”) to place up to $22.0 million in the aggregate of its common stock over a term of 30 months. Upon execution of the CSPA, the Company issued 880,000 shares of common stock to Aspire Capital as a commitment fee. The Company cannot sell in excess of 5,033,677 shares of common stock, including the 880,000 commitment shares (“Exchange Cap”), unless (i) stockholder approval is obtained, or (ii) the average price paid for all shares issued under the CSPA (including the 880,000 commitment shares) is equal to or greater than $1.38. In addition, the Company cannot sell shares under the CSPA when the closing sales price for its common stock on the Nasdaq Capital Market is less than $0.25 per share. As of May 7, 2018, the Company has dollar capacity of $18.7 million of common stock available for future sales, limited by the Exchange Cap to the issuance of no more than an additional 2.7 million shares of common stock unless conditions (i) or (ii) above are met. See Note 8 below for further details. The Company believes that the ATM Offering and the CSPA, along with its existing working capital balance, will provide it with the necessary liquidity to fund operations through June 30, 2019. The Company will also continue to explore additional opportunities to raise capital, further monetize its non-core assets and identify ways to reduce its cash expenditures. While the Company has been successful in the past raising funds through equity and debt financings as well as through the sale of non-core assets, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans. |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Receivable | 3. NOTES RECEIVABLE Alabama Graphite Corp. Note Receivable In conjunction with its entry into the arrangement agreement to acquire Alabama Graphite, on December 13, 2017, the Company executed a secured convertible non-revolving line of credit agreement (the “Alabama Graphite Loan”), whereby the Company agreed to provide up to USD $2,000,000 to Alabama Graphite for the purpose of funding operations until the merger could be finalized. As of March 31, 2018, the Company had advanced $1,420,675 on the Alabama Graphite Loan and had accrued interest receivable of $10,554. With completion of the acquisition on April 23, 2018 (as discussed in Note 13), the Alabama Graphite Loan became an amount outstanding between the Company and its wholly owned subsidiary. As of April 23, 2018, the Company had advanced approximately USD $1.8 million in accordance with the Alabama Graphite Loan. This represents the total advances prior to the closing of the acquisition. The Alabama Graphite Loan will be part of the consideration paid for the acquisition and ultimately part of the purchase price allocation to the assets and liabilities of the acquired company. Due to the expected inclusion in the acquisition purchase price, it has been classified as a non-current asset at March 31, 2018 and December 31, 2017. Laramide Note Receivable As part of the consideration for the sale of Hydro Resources, Inc., the Company currently holds a $3.5 million promissory note, secured by a mortgage over the Churchrock and Crownpoint projects. The note has a three-year term and carries an initial interest rate of 5% which then increases to 10% upon Laramide’s decision regarding commercial production at the Churchrock project. Principal payment of $1.5 million is due and payable on January 5, 2019, with the balance of $2.0 million due and payable on January 5, 2020. Interest is payable on a quarterly basis, provided however that no interest was payable until March 31, 2018. Laramide will have the right to satisfy up to half of each of these principal payments by delivering shares of its common stock to the Company, which shares will be valued by reference to the volume weighted average price (“VWAP”) for Laramide’s common stock for the 20 trading days before the respective anniversary of January 5, on which each payment is due. The fair value of the notes receivable was determined using the present value of the future cash receipts discounted at a market rate of 9.5%. Laramide made the first required principal payment of $1.5 million on the promissory note in January 2018, consisting of $750,000 in cash and the issuance of 1,982,483 of Laramide’s common shares. Also, Laramide made the first interest payment in April 2018 for approximately $0.3 million in cash. The following tables show the notes receivable, accrued interest and unamortized discount on the Company’s notes receivable as of March 31, 2018 and December 31, 2017. March 31, 2018 (thousands of dollars) Note Amount Plus Accrued Interest Less Unamortized Note Discount Note Balance per Balance Sheet Current Assets Notes receivable Laramide – current $ 1,500 $ 295 $ - $ 1,795 Subtotal Notes Receivable – current $ 1,500 $ 295 $ - $ 1,795 Non-current Assets Notes receivable – Laramide – non-current $ 2,000 $ - $ (883 ) $ 1,117 Notes receivable – Alabama Graphite Corp. 1,420 11 - 1,431 Subtotal Notes Receivable – non-current $ 3,420 $ 11 $ (883 ) $ 2,548 Total Notes Receivable – current and non-current $ 4,920 $ 306 $ (883 ) $ 4,343 December 31, 2017 (thousands of dollars) Note Amount Plus Accrued Interest Less Unamortized Note Discount Note Balance per Balance Sheet Current Assets Notes receivable Laramide – current $ 1,500 $ 250 $ - $ 1,750 Subtotal Notes Receivable – current $ 1,500 $ 250 $ - $ 1,750 Non-current Assets Notes receivable – Laramide – non-current $ 3,500 $ - $ (1,005 ) $ 2,495 Notes receivable – Alabama Graphite Corp. 832 1 - 833 Subtotal Notes Receivable – non-current $ 4,332 $ 1 $ (1,005 ) $ 3,328 Total Notes Receivable – current and non-current $ 5,832 $ 251 $ (1,005 ) $ 5,078 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 4. FINANCIAL INSTRUMENTS Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): ● Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are observable at the measurement date. ● Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). ● Level 3 includes unobservable inputs that reflect management’s assumptions about what factors market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including internal data. The Company believes that the fair values of its assets and liabilities approximate their reported carrying amounts. The following table presents information about assets that were recorded at fair value on a recurring and non-recurring basis as of March 31, 2018 and December 31, 2017 and indicates the fair value hierarchy: March 31, 2018 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ 605 $ - $ - $ 605 Total current assets recorded at fair value $ 605 $ - $ - $ 605 Non-current Assets Restricted cash $ 3,668 $ - - $ 3,668 Total non-current assets recorded at fair value $ 3,668 $ - $ - $ 3,668 December 31, 2017 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ 1,361 $ - $ - $ 1,361 Total current assets recorded at fair value $ 1,361 $ - $ - $ 1,361 Non-current Assets Restricted cash $ 3,668 $ - - $ 3,668 Total non-current assets recorded at fair value $ 3,668 $ - $ - $ 3,668 Assets that are measured on a recurring basis include the Company’s marketable securities and restricted cash. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. PROPERTY, PLANT AND EQUIPMENT Net Book Value of Property, Plant and Equipment at March 31, 2018 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,304 $ - $ - $ 8,304 Mineral rights and properties 17,968 - 7,806 - 25,774 Other property, plant and equipment 10 1,089 - 198 1,297 Total $ 17,978 $ 9,393 $ 7,806 $ 198 $ 35,375 Net Book Value of Property, Plant and Equipment at December 31, 2017 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,304 $ - $ - $ 8,304 Mineral rights and properties 17,968 - 7,806 - 25,774 Other property, plant and equipment 11 1,109 - 211 1,331 Total $ 17,979 $ 9,413 $ 7,806 $ 211 $ 35,409 |
Mineral Property Expenditures
Mineral Property Expenditures | 3 Months Ended |
Mar. 31, 2018 | |
Mineral Property Expenditures | |
Mineral Property Expenditures | 6. MINERAL PROPERTY EXPENDITURES Mineral property expenditures by geographical location for the three months ended March 31, 2018 and 2017 are as follows: For the Three Months Ended March 31, 2018 2017 (thousands of dollars) Temrezli project, Turkey $ 79 $ 98 Total Turkey projects 79 98 Kingsville Dome project, Texas 251 262 Rosita project, Texas 197 112 Vasquez project, Texas 235 169 Other projects, Texas 6 1 Total Texas projects 689 544 Juan Tafoya project, New Mexico 6 6 Total New Mexico projects 6 6 Columbus Basin project, Nevada 2 117 Railroad Valley, Nevada 4 4 Total Nevada projects 6 121 Sal Rica project, Utah 2 - Total Utah projects 2 - Total expense for the period $ 782 $ 769 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 7. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, December 31, 2018 2017 (thousands of dollars) Balance, beginning of period $ 5,731 $ 4,789 Liabilities settled (142 ) (97 ) Accretion expense 134 1,039 Balance, end of period 5,723 5,731 Less: Current portion (936 ) (1,078 ) Non-current portion $ 4,787 $ 4,653 The Company is currently performing plugging and surface reclamation activities at its Rosita and Vasquez projects located in Duval County, Texas. The Company’s current liability of $0.9 million consists of the estimated costs associated with current reclamation activities through March 2019 at the Company’s Rosita and Vasquez projects. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common Stock | 8. COMMON STOCK Common Stock Issued, Net of Issuance Costs Controlled Equity Offering Sales Agreement with Cantor Fitzgerald (“Cantor”) On April 14, 2017, the Company entered into an at-the-market offer (the “ATM Offering”) with Cantor acting as sales agent. Under the ATM Offering, the Company may from time to time sell shares of its common stock having an aggregate offering amount up to $30.0 million in “at-the-market” offerings, which shares are registered under a registration statement on Form S-3, which was declared effective on March 9, 2017. The Company pays Cantor a commission equal to 2.5% of the gross proceeds from the sale of any shares pursuant to the ATM Offering. As of May 7, 2018, the Company had sold 1,200,565 shares of common stock for net proceeds of $1.4 million under the ATM Offering. As a result, the Company had approximately $28.6 million remaining available for future sales under the ATM Offering. The Company’s previous ATM Offering with BTIG LLC was fully utilized as of December 31, 2016. Common Stock Purchase Agreement (“CSPA”) with Aspire Capital On September 25, 2017, the Company entered into the CSPA with Aspire Capital to place up to $22.0 million in the aggregate of the Company’s common stock on an ongoing basis when required by the Company over a term of 30 months. The Company will control the timing and amount of sales to Aspire Capital, and at a price based on market prices at that time. As consideration for Aspire Capital entering into the purchase agreement, the Company issued 880,000 shares of its common stock to Aspire Capital. The shares of common stock subject to the CSPA were registered pursuant to the Company’s effective shelf registration statement on Form S-3. The parties terminated the April 8, 2016 CSPA with Aspire Capital upon entering into the September 25, 2017 CSPA. On September 27, 2017, pursuant to the CSPA and after satisfaction of certain commencement conditions, Aspire Capital made an initial purchase of 1,428,571 shares of common stock for which the Company received net proceeds of $2.0 million. Additionally, on December 14, 2017, Aspire Capital purchased 150,000 shares of common stock for which the Company received net proceeds of $0.2 million. Finally, as of May 7, 2018, Aspire Capital had purchased 1,951,896 shares pursuant to the agreement for which the Company received net proceeds of $1.1 million. As of May 7, 2018, $18.7 million of the aggregate $22.0 million remained available for future sales under the CSPA, limited by the Exchange Cap to the issuance of no more than an additional 2.7 million shares of common stock unless (i) stockholder approval is obtained, or (ii) the average price paid for all shares issued under the CSPA (including the 880,000 commitment shares) is equal to or greater than $1.38. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION Stock-based compensation awards consist of stock options, restricted stock units, restricted stock awards and bonus shares issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); and the 2004 Stock Incentive Plan (the “2004 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. On July 18, 2017, the Company’s stockholders approved an amendment to the 2013 Plan to increase the authorized number of shares of common stock available and reserved for issuance under the 2013 Plan by 1.0 million shares and re-approve the material terms of the performance goals under such plan. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. The maximum number of the Company’s common stock that may be reserved for issuance under the 2013 Plan is 1,083,333 shares of common stock, plus unissued shares under the prior plans. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Board (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other Committees or to such other officers and employees of the Company as designated by the Committee. As of March 31, 2018, 560,242 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2018 and 2017, the Company recorded stock-based compensation expense of $81,000 and $22,000, respectively, which has been included in general and administrative expense. In addition to the plans above, upon closing of the Company’s acquisition of Anatolia Energy Ltd in November 2015, the Company issued 374,749 replacement options and performance shares to the option holders and performance shareholders of Anatolia Energy Ltd. The number of replacement options and performance shares was based upon the Black-Scholes value with the exercise prices of the replacement options and performance shares determined using the exchange rate of 0.00548. The options and performance shares were issued with the same terms and conditions as were applicable prior to the acquisition of Anatolia Energy Ltd. As of March 31, 2018, there were 85,233 replacement options outstanding. Stock Options The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 286,174 $ 5.53 110,828 $ 18.24 Expired (5,595 ) 12.48 (5,583 ) 11.04 Stock options outstanding at end of period 280,579 $ 5.39 105,245 $ 18.62 Stock options exercisable at end of period 91,415 $ 13.65 105,139 $ 18.60 The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2018: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Outstanding Stock Options Weighted Average Exercise Price Number of Exercisable Stock Options Weighted Average Exercise Price 2004 Plan 4,792 $ 35.14 4,792 $ 35.14 2004 Directors’ Plan 973 317.14 973 317.14 2013 Plan 189,581 1.48 417 35.88 Replacement Stock Options 85,233 8.87 85,233 8.87 280,579 $ 5.39 91,415 $ 13.65 Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. The following table summarizes RSU activity for the three-month periods ended March 31, 2018 and 2017: March 31, March 31, 2018 2017 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 178,897 $ 1.40 8,649 $ 43.71 Forfeited (9,429 ) 1.40 - - Vested - - (2,513 ) 31.32 Unvested RSUs at end of period 169,468 $ 1.40 6,136 $ 48.78 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. EARNINGS PER SHARE Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Potentially dilutive shares of 633,380 were excluded from the calculation of earnings per share because the effect on the basic income per share would be anti-dilutive for the quarter ended March 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of-production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on their accrual for costs. The Company believes its operations are materially compliant with current environmental regulations. At any given time, the Company may enter into negotiations to settle outstanding legal proceedings and any resulting accruals will be estimated based on the relevant facts and circumstances applicable at that time. We do not expect that such settlements will, individually or in the aggregate, have a material effect on its financial position, results of operations or cash flows. |
Geographic and Segment Informat
Geographic and Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 12. GEOGRAPHIC AND SEGMENT INFORMATION The Company currently operates in two reportable segments, which are uranium and lithium mining activities, including exploration, standby operations and restoration and reclamation activities. As a part of these activities, the Company also explores, evaluates and, if warranted, permits uranium and lithium properties. The Company’s long-term assets were $41.6 million and $42.4 million as of March 31, 2018 and December 31, 2017, respectively. The long-term assets located in the United States totaled $23.6 million or 57% and $24.4 million or 58% of total long-term assets as of March 31, 2018 and December 31, 2017, respectively. The Company reported no revenues during the three months ended March 31, 2018 and March 31, 2017. The reportable segments are those operations whose operating results are reviewed by the Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed or are expected to exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments. Information about current assets and liabilities of the segments has not been provided because the information is not used to assess performance. March 31, 2018 (thousands of dollars) Corporate Uranium Lithium Total Net property, plant and equipment $ 198 $ 35,177 $ - $ 35,375 Restricted cash - 3,668 - 3,668 Notes receivable, non-current 1,431 1,117 - 2,548 Total long term assets $ 1,629 $ 39,962 $ - $ 41,591 December 31, 2017 (thousands of dollars) Corporate Uranium Lithium Total Net property, plant and equipment $ 211 $ 35,198 $ - $ 35,409 Restricted cash - 3,668 - 3,668 Notes receivable, non-current 834 2,494 - 3,328 Total long term assets $ 1,045 $ 41,360 $ - $ 42,405 Non-mining activities and other administrative operations are reported in the Corporate column. The table below provides a breakdown of the long-term assets by geographic segments as of March 31, 2018 and December 31, 2017: March 31, 2018 (thousands of dollars) Corporate Uranium Lithium Total Statement of Operations Mineral property expenses $ - $ 774 $ 8 $ 782 General and administrative 1,353 452 - 1,805 Acquisition related expenses 755 - - 755 Accretion of asset retirement costs - 134 - 134 Depreciation and amortization 1 33 - 34 2,109 1,393 8 3 510 Loss from operations (2,109 ) (1,393 ) (8 ) (3,510 ) Other income 81 10 - 91 Loss before taxes $ (2,028 ) $ (1,383 ) $ (8 ) $ (3,419 ) March 31, 2017 (thousands of dollars) Corporate Uranium Lithium Total Statement of Operations Mineral property expenses $ - $ 648 $ 121 $ 769 General and administrative 1,312 356 - 1,668 Accretion of asset retirement costs - 132 - 132 Depreciation and amortization 1 37 - 38 1,313 1,173 121 2,607 Loss from operations (1,313 ) (1,173 ) (121 ) (2,607 ) Other (expense) income (39 ) 4,491 - 4,452 Income (loss) before taxes $ (1,352 ) $ 3,318 $ (121 ) $ 1,845 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS Completion of the Acquisition of Alabama Graphite On March 9, 2018, Alabama Graphite securityholders approved the arrangement agreement between the Company and Alabama Graphite and the plan of arrangement attached thereto, and on March 19, 2018, the Supreme Court of British Columbia granted orders approving the Alabama Graphite plan of arrangement. Further, on April 19, 2018, the Company’s stockholders also approved the issuance of Company securities for the acquisition. Following customary Canadian regulatory approvals, the Company completed the acquisition on April 23, 2018, pursuant to which the Company acquired all of the issued and outstanding securities of Alabama Graphite by way of the acquisition, with Alabama Graphite surviving as a wholly owned subsidiary of the Company. In connection with the acquisition, each share of Alabama Graphite common stock issued and outstanding as of 12:01 a.m. on April 23, 2018, Pacific Daylight Time (the “Record Date”) was converted to 0.08 shares of common stock, par value $0.001 per share, of the Company. The Company issued 11,625,210 total shares of its common stock upon completion. Pursuant to the terms of the arrangement agreement, Alabama Graphite’s unlisted warrants and options outstanding as of the Record Date were assumed by the Company and converted into unlisted warrants and options to purchase shares of Company common stock on substantially the same terms and conditions as were applicable to such Alabama Graphite unlisted warrants and option, with appropriate adjustments based upon the same exchange ratio . As a result of the completion of the acquisition, the Company owns 100% of the outstanding stock of Alabama Graphite. The Company will account for the transaction as an acquisition. Due to the limited time between the acquisition date and the filing of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, the initial purchase accounting has not been completed. As such, it is not practicable for the Company to disclose: (i) the allocation of purchase price to assets acquired and liabilities assumed, and (ii) pro forma revenues and earnings of the combined company for the quarter ended March 31, 2018. The Company will provide this information in its second quarter Form 10-Q for the three and six months ended June 30, 2018. There are $755,339 in acquisition-related costs included in general and administrative expenses for the three-month period ending March 31, 2018. In addition, upon completion of the acquisition, the Alabama Graphite Loan will be incorporated into the final purchase price accounting and therefore will be eliminated. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, which will require that a statement of cash flows explain the change during a period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years beginning after December 15, 2019, with early adoption permitted. Upon adopting ASU 2016-18, the Company has included the restricted cash amount in its beginning-of-period and end-of-period reconciliations of cash on its statement of cash flows and has removed restricted cash releases of $23,000 from the investing activities section of the cash flow statement for the three months ended March 31, 2017. In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01), Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business when determining whether a company has acquired or sold a business. The ASU applies to all entities and is effective for annual periods ending after December 15, 2017, and interim periods thereafter, with early adoption permitted under certain circumstances. The Company does not believe that the adoption of this guidance will have a material impact on its financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. For the three months ended March 31, (thousands of dollars) 2018 2017 Cash and cash equivalents $ 1,637 $ 9,882 Restricted cash - pledged deposits for performance bonds 3,668 3,941 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,305 $ 13,823 Funds deposited by the Company for collateralization of performance obligations are not available for the payment of general corporate obligations and are not included in cash equivalents. Restricted cash consists of pledged certificates of deposit and money market accounts. The bonds are collateralized performance bonds required for future restoration and reclamation obligations related to the Company’s South Texas production properties. |
Notes Receivable | Notes Receivable These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Assets with lives beyond one year are carried at amortized cost using the effective interest method less any provision for impairment. Assets with lives under a year are undiscounted and carried at full cost. Management monitors these assets for credit quality and recoverability on a quarterly basis, including the value of any collateral. If the value of the collateral, less selling or recovery costs, exceeds the recorded investment in the asset, no impairment costs would be recorded. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. For the three months ended March 31, (thousands of dollars) 2018 2017 Cash and cash equivalents $ 1,637 $ 9,882 Restricted cash - pledged deposits for performance bonds 3,668 3,941 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,305 $ 13,823 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Receivable | The following tables show the notes receivable, accrued interest and unamortized discount on the Company’s notes receivable as of March 31, 2018 and December 31, 2017. March 31, 2018 (thousands of dollars) Note Amount Plus Accrued Interest Less Unamortized Note Discount Note Balance per Balance Sheet Current Assets Notes receivable Laramide – current $ 1,500 $ 295 $ - $ 1,795 Subtotal Notes Receivable – current $ 1,500 $ 295 $ - $ 1,795 Non-current Assets Notes receivable – Laramide – non-current $ 2,000 $ - $ (883 ) $ 1,117 Notes receivable – Alabama Graphite Corp. 1,420 11 - 1,431 Subtotal Notes Receivable – non-current $ 3,420 $ 11 $ (883 ) $ 2,548 Total Notes Receivable – current and non-current $ 4,920 $ 306 $ (883 ) $ 4,343 December 31, 2017 (thousands of dollars) Note Amount Plus Accrued Interest Less Unamortized Note Discount Note Balance per Balance Sheet Current Assets Notes receivable Laramide – current $ 1,500 $ 250 $ - $ 1,750 Subtotal Notes Receivable – current $ 1,500 $ 250 $ - $ 1,750 Non-current Assets Notes receivable – Laramide – non-current $ 3,500 $ - $ (1,005 ) $ 2,495 Notes receivable – Alabama Graphite Corp. 832 1 - 833 Subtotal Notes Receivable – non-current $ 4,332 $ 1 $ (1,005 ) $ 3,328 Total Notes Receivable – current and non-current $ 5,832 $ 251 $ (1,005 ) $ 5,078 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Schedule of Fair Value on Recurring and Non-recurring Basis | The following table presents information about assets that were recorded at fair value on a recurring and non-recurring basis as of March 31, 2018 and December 31, 2017 and indicates the fair value hierarchy: March 31, 2018 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ 605 $ - $ - $ 605 Total current assets recorded at fair value $ 605 $ - $ - $ 605 Non-current Assets Restricted cash $ 3,668 $ - - $ 3,668 Total non-current assets recorded at fair value $ 3,668 $ - $ - $ 3,668 December 31, 2017 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ 1,361 $ - $ - $ 1,361 Total current assets recorded at fair value $ 1,361 $ - $ - $ 1,361 Non-current Assets Restricted cash $ 3,668 $ - - $ 3,668 Total non-current assets recorded at fair value $ 3,668 $ - $ - $ 3,668 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Net Book Value of Property, Plant and Equipment at March 31, 2018 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,304 $ - $ - $ 8,304 Mineral rights and properties 17,968 - 7,806 - 25,774 Other property, plant and equipment 10 1,089 - 198 1,297 Total $ 17,978 $ 9,393 $ 7,806 $ 198 $ 35,375 Net Book Value of Property, Plant and Equipment at December 31, 2017 (thousands of dollars) Turkey Texas New Mexico Corporate Total Uranium plant $ - $ 8,304 $ - $ - $ 8,304 Mineral rights and properties 17,968 - 7,806 - 25,774 Other property, plant and equipment 11 1,109 - 211 1,331 Total $ 17,979 $ 9,413 $ 7,806 $ 211 $ 35,409 |
Mineral Property Expenditures (
Mineral Property Expenditures (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Mineral Property Expenditures | |
Schedule of Mineral Property Expenditures | Mineral property expenditures by geographical location for the three months ended March 31, 2018 and 2017 are as follows: For the Three Months Ended March 31, 2018 2017 (thousands of dollars) Temrezli project, Turkey $ 79 $ 98 Total Turkey projects 79 98 Kingsville Dome project, Texas 251 262 Rosita project, Texas 197 112 Vasquez project, Texas 235 169 Other projects, Texas 6 1 Total Texas projects 689 544 Juan Tafoya project, New Mexico 6 6 Total New Mexico projects 6 6 Columbus Basin project, Nevada 2 117 Railroad Valley, Nevada 4 4 Total Nevada projects 6 121 Sal Rica project, Utah 2 - Total Utah projects 2 - Total expense for the period $ 782 $ 769 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Asset Retirement Obligations | The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet: March 31, December 31, 2018 2017 (thousands of dollars) Balance, beginning of period $ 5,731 $ 4,789 Liabilities settled (142 ) (97 ) Accretion expense 134 1,039 Balance, end of period 5,723 5,731 Less: Current portion (936 ) (1,078 ) Non-current portion $ 4,787 $ 4,653 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Outstanding | The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2018 and 2017: March 31, 2018 March 31, 2017 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Stock options outstanding at beginning of period 286,174 $ 5.53 110,828 $ 18.24 Expired (5,595 ) 12.48 (5,583 ) 11.04 Stock options outstanding at end of period 280,579 $ 5.39 105,245 $ 18.62 Stock options exercisable at end of period 91,415 $ 13.65 105,139 $ 18.60 |
Summary of Stock Options Outstanding and Exercisable by Stock Option Plan | The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2018: Outstanding Stock Options Exercisable Stock Options Stock Option Plan Number of Outstanding Stock Options Weighted Average Exercise Price Number of Exercisable Stock Options Weighted Average Exercise Price 2004 Plan 4,792 $ 35.14 4,792 $ 35.14 2004 Directors’ Plan 973 317.14 973 317.14 2013 Plan 189,581 1.48 417 35.88 Replacement Stock Options 85,233 8.87 85,233 8.87 280,579 $ 5.39 91,415 $ 13.65 |
Summary of Status of Non-vested Restricted Shares | The following table summarizes RSU activity for the three-month periods ended March 31, 2018 and 2017: March 31, March 31, 2018 2017 Number of RSUs Weighted-Average Grant Date Fair Value Number of RSUs Weighted-Average Grant Date Fair Value Unvested RSUs at beginning of period 178,897 $ 1.40 8,649 $ 43.71 Forfeited (9,429 ) 1.40 - - Vested - - (2,513 ) 31.32 Unvested RSUs at end of period 169,468 $ 1.40 6,136 $ 48.78 |
Geographic and Segment Inform28
Geographic and Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | March 31, 2018 (thousands of dollars) Corporate Uranium Lithium Total Net property, plant and equipment $ 198 $ 35,177 $ - $ 35,375 Restricted cash - 3,668 - 3,668 Notes receivable, non-current 1,431 1,117 - 2,548 Total long term assets $ 1,629 $ 39,962 $ - $ 41,591 December 31, 2017 (thousands of dollars) Corporate Uranium Lithium Total Net property, plant and equipment $ 211 $ 35,198 $ - $ 35,409 Restricted cash - 3,668 - 3,668 Notes receivable, non-current 834 2,494 - 3,328 Total long term assets $ 1,045 $ 41,360 $ - $ 42,405 Non-mining activities and other administrative operations are reported in the Corporate column. The table below provides a breakdown of the long-term assets by geographic segments as of March 31, 2018 and December 31, 2017: March 31, 2018 (thousands of dollars) Corporate Uranium Lithium Total Statement of Operations Mineral property expenses $ - $ 774 $ 8 $ 782 General and administrative 1,353 452 - 1,805 Acquisition related expenses 755 - - 755 Accretion of asset retirement costs - 134 - 134 Depreciation and amortization 1 33 - 34 2,109 1,393 8 3 510 Loss from operations (2,109 ) (1,393 ) (8 ) (3,510 ) Other income 81 10 - 91 Loss before taxes $ (2,028 ) $ (1,383 ) $ (8 ) $ (3,419 ) March 31, 2017 (thousands of dollars) Corporate Uranium Lithium Total Statement of Operations Mineral property expenses $ - $ 648 $ 121 $ 769 General and administrative 1,312 356 - 1,668 Accretion of asset retirement costs - 132 - 132 Depreciation and amortization 1 37 - 38 1,313 1,173 121 2,607 Loss from operations (1,313 ) (1,173 ) (121 ) (2,607 ) Other (expense) income (39 ) 4,491 - 4,452 Income (loss) before taxes $ (1,352 ) $ 3,318 $ (121 ) $ 1,845 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Payments to acquire cash restricted investments | $ 23 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 1,637 | $ 4,054 | $ 9,882 | |
Restricted cash - pledged deposits for performance bonds | 3,668 | 3,941 | ||
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 5,305 | $ 7,722 | $ 13,823 | $ 7,273 |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Sep. 27, 2017 | Sep. 25, 2017 | Apr. 14, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Working capital | $ 1,200 | $ 3,900 | ||||
Decrease in working capital | 2,700 | |||||
Acquisition related costs to business | (755) | |||||
Cantor Fitzgerald & Co [Member] | ATM Offering [Member] | ||||||
Net proceeds from direct offering | $ 30,000 | |||||
Cantor Fitzgerald & Co [Member] | ATM Offering [Member] | May 7, 2018 [Member] | ||||||
Available for future sales | $ 28,600 | |||||
Alabama Graphite Corp. [Member] | ||||||
Acquisition related costs to business | 800 | |||||
Operating and transaction costs | 600 | |||||
Laramide Resources Ltd [Member] | ||||||
Decrease in fair value of securities | $ 800 | |||||
Aspire Capital Fund LLC [Member] | Common Stock Purchase Agreement [Member] | ||||||
Net proceeds from direct offering | $ 22,000 | |||||
Number of common stock shares issued to commitment fee | 880,000 | |||||
Stock purchase agreement description | (i) stockholder approval is obtained, or (ii) the average price paid for all shares issued under the CSPA (including the 880,000 commitment shares) is equal to or greater than $1.38. In addition, the Company cannot sell shares under the CSPA when the closing sales price for its common stock on the Nasdaq Capital Market is less than $0.25 per share. As of May 10, 2018, the Company has dollar capacity of $18.7 million of common stock available for future sales, limited by the Exchange Cap to the issuance of no more than an additional 2.7 million shares of common stock unless conditions (i) or (ii) above are met. | |||||
Aspire Capital Fund LLC [Member] | Common Stock Purchase Agreement [Member] | May 7, 2018 [Member] | ||||||
Number of common stock shares limited to current exchange cap | 2,700 | |||||
Aspire Capital Fund LLC [Member] | Common Stock Purchase Agreement [Member] | Maximum [Member] | ||||||
Available for future sales | $ 22,000 | |||||
Sale of common stock shares | 5,033,677 | |||||
Aspire Capital Fund LLC [Member] | Common Stock Purchase Agreement [Member] | Minimum [Member] | ||||||
Number of common stock shares issued to commitment fee | 880,000 | |||||
Average price per shares issued | $ 1.38 | $ 1.38 | ||||
Aspire Capital Fund LLC [Member] | May 7, 2018 [Member] | Common Stock Purchase Agreement [Member] | ||||||
Available for future sales | $ 18,700 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 13, 2017 | |
Accrued interest receivable | $ 306,000 | $ 251,000 | ||
Laramide Resources Ltd [Member] | ||||
Promissory debt | $ 3,500,000 | |||
Debt interest rate | 5.00% | |||
Debt instrument, term | 3 years | |||
Debt principal amount due | $ 750,000 | $ 1,500,000 | ||
Cash receipts discounted at market rate | 9.50% | |||
Number of issuance of common shares | 1,982,483 | |||
January 5, 2019[Member] | Laramide Resources Ltd [Member] | ||||
Debt principal amount due | $ 1,500,000 | |||
January 5, 2020 [Member] | Laramide Resources Ltd [Member] | ||||
Debt principal amount due | 2,000,000 | |||
April 2018 [Member] | Laramide Resources Ltd [Member] | ||||
Debt interest payments | $ 300,000 | |||
Maximum [Member] | Laramide Resources Ltd [Member] | ||||
Debt interest rate | 10.00% | |||
Alabama Graphite Corp. [Member] | ||||
Debt instrument fair value of principal | $ 1,420,675 | |||
Accrued interest receivable | 10,554 | |||
Alabama Graphite Corp. [Member] | April 23, 2018 [Member] | ||||
Debt instrument fair value of principal | $ 1,800,000 | |||
Alabama Graphite Corp. [Member] | Maximum [Member] | ||||
Secured loan | $ 2,000,000 |
Notes Receivable - Schedule of
Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Note Amount, current | $ 1,500 | $ 1,500 |
Plus Accrued interest, current | 295 | 250 |
Less Unamortized Note Discount, current | ||
Note Balance per Balance Sheet, current | 1,795 | 1,750 |
Note Amount, non-current | 3,420 | 4,332 |
Plus Accrued interest, non-current | 11 | 1 |
Less Unamortized Note Discount, non-current | (883) | (1,005) |
Note Balance per Balance Sheet, non-current | 2,548 | 3,328 |
Note Amount, current and non-current | 4,920 | 5,832 |
Plus Accrued interest, current and non-current | 306 | 251 |
Less Unamortized Note Discount, current and non-current | (883) | (1,005) |
Note Balance per Balance Sheet, current and non-current | 4,343 | 5,078 |
Notes Receivable Laramide [Member] | ||
Note Amount, current | 1,500 | 1,500 |
Plus Accrued interest, current | 295 | 250 |
Less Unamortized Note Discount, current | ||
Note Balance per Balance Sheet, current | 1,795 | 1,750 |
Note Amount, non-current | 2,000 | 3,500 |
Plus Accrued interest, non-current | ||
Less Unamortized Note Discount, non-current | (883) | (1,005) |
Note Balance per Balance Sheet, non-current | 1,117 | 2,495 |
Notes Receivable - Alabama Graphite [Member] | ||
Note Amount, non-current | 1,420 | 832 |
Plus Accrued interest, non-current | 11 | 1 |
Less Unamortized Note Discount, non-current | ||
Note Balance per Balance Sheet, non-current | $ 1,431 | $ 833 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Short-term available-for-sale investments | $ 605 | $ 1,361 |
Total current assets recorded at fair value | 605 | 1,361 |
Restricted cash | 3,668 | 3,668 |
Total non-current assets recorded at fair value | 3,668 | 3,668 |
Fair Value, Inputs, Level 1 [Member] | ||
Short-term available-for-sale investments | 605 | 1,361 |
Total current assets recorded at fair value | 605 | 1,361 |
Restricted cash | 3,668 | 3,668 |
Total non-current assets recorded at fair value | 3,668 | 3,668 |
Fair Value, Inputs, Level 2 [Member] | ||
Short-term available-for-sale investments | ||
Total current assets recorded at fair value | ||
Restricted cash | ||
Total non-current assets recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Short-term available-for-sale investments | ||
Total current assets recorded at fair value | ||
Restricted cash | ||
Total non-current assets recorded at fair value |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Net property, plant and equipment | $ 35,375 | $ 35,409 |
Turkey [Member] | ||
Net property, plant and equipment | 17,978 | 17,979 |
Texas [Member] | ||
Net property, plant and equipment | 9,393 | 9,413 |
New Mexico [Member] | ||
Net property, plant and equipment | 7,806 | 7,806 |
Corporate [Member] | ||
Net property, plant and equipment | 198 | 211 |
Uranium Plant [Member] | ||
Net property, plant and equipment | 8,304 | 8,304 |
Uranium Plant [Member] | Turkey [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Texas [Member] | ||
Net property, plant and equipment | 8,304 | 8,304 |
Uranium Plant [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Uranium Plant [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | ||
Net property, plant and equipment | 25,774 | 25,774 |
Mineral Rights and Properties [Member] | Turkey [Member] | ||
Net property, plant and equipment | 17,968 | 17,968 |
Mineral Rights and Properties [Member] | Texas [Member] | ||
Net property, plant and equipment | ||
Mineral Rights and Properties [Member] | New Mexico [Member] | ||
Net property, plant and equipment | 7,806 | 7,806 |
Mineral Rights and Properties [Member] | Corporate [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | ||
Net property, plant and equipment | 1,297 | 1,331 |
Other Property Plant and Equipment [Member] | Turkey [Member] | ||
Net property, plant and equipment | 10 | 11 |
Other Property Plant and Equipment [Member] | Texas [Member] | ||
Net property, plant and equipment | 1,089 | 1,109 |
Other Property Plant and Equipment [Member] | New Mexico [Member] | ||
Net property, plant and equipment | ||
Other Property Plant and Equipment [Member] | Corporate [Member] | ||
Net property, plant and equipment | $ 198 | $ 211 |
Mineral Property Expenditures -
Mineral Property Expenditures - Schedule of Mineral Property Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total expense for the period | $ 782 | $ 769 |
Temrezli Project, Turkey [Member] | ||
Total expense for the period | (79) | (98) |
Total Turkey Projects [Member] | ||
Total expense for the period | (79) | (98) |
Kingsville Dome Project, Texas [Member] | ||
Total expense for the period | (251) | (262) |
Rosita Project, Texas [Member] | ||
Total expense for the period | (197) | (112) |
Vasquez Project, Texas [Member] | ||
Total expense for the period | (235) | (169) |
Other Projects, Texas [Member] | ||
Total expense for the period | (6) | (1) |
Total Texas Projects [Member] | ||
Total expense for the period | (689) | (544) |
Juan Tafoya Project, New Mexico [Member] | ||
Total expense for the period | (6) | (6) |
Total New Mexico Projects [Member] | ||
Total expense for the period | (6) | (6) |
Columbus Basin Project, Nevada [Member] | ||
Total expense for the period | (2) | (117) |
Railroad Valley, Neveda [Member] | ||
Total expense for the period | (4) | (4) |
Total Nevada Projects [Member] | ||
Total expense for the period | (6) | (121) |
Sal Rica Project, Utah [Member] | ||
Total expense for the period | (2) | |
Total Utah Projects [Member] | ||
Total expense for the period | $ (2) |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation current | $ 936 | $ 1,078 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance, beginning of period | $ 5,731 | $ 4,789 | $ 4,789 |
Liabilities settled | (142) | (97) | |
Accretion expense | 134 | $ 132 | 1,039 |
Balance, end of period | 5,723 | 5,731 | |
Less: Current portion | (936) | (1,078) | |
Non-current Portion | $ 4,787 | $ 4,653 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2017 | Sep. 27, 2017 | Sep. 25, 2017 | Apr. 14, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Proceeds from common stock | $ 651 | $ 13,388 | ||||
Common Stock Purchase Agreement [Member] | Aspire Capital Fund LLC [Member] | ||||||
Net proceeds from direct offering | $ 22,000 | |||||
Number of common stock issued | 150,000 | 1,428,571 | 880,000 | |||
Proceeds from common stock | $ 200 | $ 2,000 | ||||
Number of common stock shares issued to commitment fee | 880,000 | |||||
Common Stock Purchase Agreement [Member] | Aspire Capital Fund LLC [Member] | Minimum [Member] | ||||||
Number of common stock shares issued to commitment fee | 880,000 | |||||
Average price per shares issued | $ 1.38 | $ 1.38 | ||||
May 7, 2018 [Member] | Common Stock Purchase Agreement [Member] | Aspire Capital Fund LLC [Member] | ||||||
Available for future sales | $ 18,700 | |||||
Number of common stock issued | 1,951,896 | |||||
Proceeds from common stock | $ 1,100 | |||||
Remained available future sales | $ 22,000 | |||||
Number of common stock shares limited to current exchange cap | 2,700 | |||||
ATM Offering [Member] | ||||||
Net proceeds from direct offering | $ 30,000 | |||||
Sales commission percentage | 2.50% | |||||
Available for future sales | $ 28,600 | |||||
ATM Offering [Member] | May 7, 2018 [Member] | ||||||
Net proceeds from direct offering | $ 1,400 | |||||
Number of common stock sold | 1,200,565 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Jul. 18, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 81 | $ 22 | ||
Number of replacement options outstanding | 85,233 | |||
Anatoila Energy Limited [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of replacement options issued | 374,749 | |||
Sale of stock price per share | $ 0.00548 | |||
2013 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock shares reserved for future issuance | 560,242 | |||
2013 Omnibus Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock shares reserved for future issuance | 1,083,333 | 1,000,000 | ||
Stock option vesting period | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options outstanding, Beginning of period | 286,174 | 110,828 |
Number of stock options outstanding, Expired | (5,595) | (5,583) |
Number of stock options outstanding, End of period | 280,579 | 105,245 |
Number of stock options Exercisable, End of period | 91,415 | 105,139 |
Weighted average exercise price, Beginning of period | $ 5.53 | $ 18.24 |
Weighted average exercise price, Expired | 12.48 | 11.04 |
Weighted average exercise price, End of period | 5.39 | 18.62 |
Weighted average exercise price Exercisable, End of period | $ 13.65 | $ 18.60 |
Stock-Based Compensation - Su42
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Outstanding Stock Options, Number of Outstanding Stock Options | 280,579 | 286,174 | 105,245 | 110,828 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 5.39 | $ 5.53 | $ 18.62 | $ 18.24 |
Exercisable Stock Options, Number of Exercisable Stock Options | 91,415 | 105,139 | ||
Exercisable Stock Options, Weighted Average Exercise Price | $ 13.65 | $ 18.60 | ||
2004 Plan [Member] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 4,792 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 35.14 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 4,792 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 35.14 | |||
2004 Directors' Plan [Member] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 973 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 317.14 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 973 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 317.14 | |||
2013 Plan [Member] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 189,581 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 1.48 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 417 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 35.88 | |||
Replacement Stock Options [Member] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 85,233 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 8.87 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 85,233 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 8.87 |
Stock-Based Compensation - Su43
Stock-Based Compensation - Summary of Status of Non-vested Restricted Shares (Details) - Restricted Stock Units [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Number of restricted stock, Unvested Beginning of period | 178,897 | 8,649 |
Number of restricted stock, Forfeited | (9,429) | |
Number of restricted stock, Vested | (2,513) | |
Number of restricted stock, Unvested End of period | 169,468 | 6,136 |
Weighted Average Grant Date Fair Value, Unvested Beginning of period | $ 1.40 | $ 43.71 |
Weighted Average Grant Date Fair Value, Forfeited | 1.40 | |
Weighted Average Grant Date Fair Value, Vested | 31.32 | |
Weighted Average Grant Date Fair Value, Unvested End of period | $ 1.40 | $ 48.78 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Potentially dilutive shares | 633,380 |
Geographic and Segment Inform45
Geographic and Segment Information (Details Narrative) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)ReportableSegments | Dec. 31, 2017USD ($) | |
Number of reportable operating segment | ReportableSegments | 2 | |
Long-term assets | $ 41,600 | $ 42,400 |
Concentration risk percentage | 10.00% | |
United States [Member] | ||
Long-term assets | $ 23,600 | $ 24,400 |
Long-term assets percentage | 57.00% | 58.00% |
Geographic and Segment Inform46
Geographic and Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Net property, plant and equipment | $ 35,375 | $ 35,409 | |
Restricted cash | 3,668 | 3,668 | |
Notes receivable, non-current | 2,548 | 3,328 | |
Mineral property expenses | (782) | $ (769) | |
General and administrative | 1,805 | 1,668 | |
Acquisition related expenses | (755) | ||
Accretion of asset retirement costs | (134) | (132) | (1,039) |
Depreciation and amortization | (34) | (38) | |
Total operating expenses | (3,510) | (2,607) | |
Other income (expense) | 91 | $ 4,452 | |
Long Term Assets [Member] | |||
Net property, plant and equipment | 35,375 | 35,409 | |
Restricted cash | 3,668 | 3,668 | |
Notes receivable, non-current | 2,548 | 3,328 | |
Total long-term assets | 41,591 | 42,405 | |
Operating Results [Member] | |||
Mineral property expenses | 782 | 769 | |
General and administrative | 1,805 | 1,668 | |
Acquisition related expenses | 755 | ||
Accretion of asset retirement costs | 134 | 132 | |
Depreciation and amortization | 34 | 38 | |
Total operating expenses | 3,510 | 2,607 | |
Loss from operations | (3,510) | (2,607) | |
Other income (expense) | 91 | 4,452 | |
Loss before taxes | (3,419) | 1,845 | |
Corporate [Member] | Long Term Assets [Member] | |||
Net property, plant and equipment | 198 | 211 | |
Restricted cash | |||
Notes receivable, non-current | 1,431 | 834 | |
Total long-term assets | 1,629 | 1,045 | |
Corporate [Member] | Operating Results [Member] | |||
Mineral property expenses | |||
General and administrative | 1,353 | 1,312 | |
Acquisition related expenses | 755 | ||
Accretion of asset retirement costs | |||
Depreciation and amortization | 1 | 1 | |
Total operating expenses | 2,109 | 1,313 | |
Loss from operations | (2,109) | (1,313) | |
Other income (expense) | 81 | (39) | |
Loss before taxes | (2,028) | (1,352) | |
Uranium [Member] | Long Term Assets [Member] | |||
Net property, plant and equipment | 35,177 | 35,198 | |
Restricted cash | 3,668 | 3,668 | |
Notes receivable, non-current | 1,117 | 2,494 | |
Total long-term assets | 39,962 | 41,360 | |
Uranium [Member] | Operating Results [Member] | |||
Mineral property expenses | 774 | 648 | |
General and administrative | 452 | 356 | |
Acquisition related expenses | |||
Accretion of asset retirement costs | 134 | 132 | |
Depreciation and amortization | 33 | 37 | |
Total operating expenses | 1,393 | 1,173 | |
Loss from operations | (1,393) | (1,173) | |
Other income (expense) | 10 | 4,491 | |
Loss before taxes | (1,383) | 3,318 | |
Lithium [Member] | Long Term Assets [Member] | |||
Net property, plant and equipment | |||
Restricted cash | |||
Notes receivable, non-current | |||
Total long-term assets | |||
Lithium [Member] | Operating Results [Member] | |||
Mineral property expenses | 8 | 121 | |
General and administrative | |||
Acquisition related expenses | |||
Accretion of asset retirement costs | |||
Depreciation and amortization | |||
Total operating expenses | 8 | 121 | |
Loss from operations | (8) | (121) | |
Other income (expense) | |||
Loss before taxes | $ (8) | $ (121) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 23, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Common stock par value | $ 0.001 | $ 0.001 | ||
Acquisition related costs | $ 755 | |||
Alabama Graphite Corp. [Member] | ||||
Acquisition related costs | (800) | |||
Subsequent Event [Member] | Alabama Graphite Corp. [Member] | ||||
Debt instrument conversion price per share | $ 0.08 | |||
Common stock par value | $ 0.001 | |||
Number of common stock shares issued | 11,625,210 | |||
Ownership percentage | 100.00% | |||
Acquisition related costs | $ 755,339 |