Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 13, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | WESTWATER RESOURCES, INC. | |
Entity's Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,568,094 | |
Entity Central Index Key | 0000839470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 877 | $ 1,870 |
Prepaid and other current assets | 843 | 491 |
Total Current Assets | 1,720 | 2,361 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment | 91,701 | 91,746 |
Less accumulated depreciation and depletion | (71,377) | (71,409) |
Net property, plant and equipment | 20,324 | 20,337 |
Operating lease right of use assets | 454 | 484 |
Restricted cash | 3,806 | 3,797 |
Total Assets | 26,304 | 26,979 |
Current Liabilities: | ||
Accounts payable | 1,486 | 852 |
Accrued liabilities | 1,227 | 1,770 |
Current portion of asset retirement obligations | 1,090 | 894 |
Operating lease liability - current | 153 | 153 |
Total Current Liabilities | 3,956 | 3,669 |
Asset retirement obligations, net of current portion | 5,290 | 5,406 |
Other long-term liabilities | 500 | 500 |
Operating lease liability - current | 310 | 340 |
Total Liabilities | 10,056 | 9,915 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, 100,000,000 shares authorized, $.001 par value; Issued shares – 4,762,794 and 3,339,541 respectively Outstanding shares - 4,762,633 and 3,339,380 respectively | 5 | 3 |
Paid-in capital | 322,227 | 319,758 |
Accumulated deficit | (305,726) | (302,439) |
Less: Treasury stock (161 and 161 shares, respectively), at cost | (258) | (258) |
Total Stockholders’ Equity | 16,248 | 17,064 |
Total Liabilities and Stockholders’ Equity | $ 26,304 | $ 26,979 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 4,762,794 | 3,339,541 |
Common stock, shares outstanding | 4,762,633 | 3,339,380 |
Treasury stock, shares | 161 | 161 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expenses: | ||
Mineral property expenses | $ (728) | $ (634) |
General and administrative expenses | (1,779) | (1,705) |
Arbitration costs | (669) | (131) |
Accretion of asset retirement obligations | (106) | (126) |
Depreciation and amortization | (13) | (23) |
Total operating expenses | (3,295) | (2,619) |
Non-Operating Income/(Expenses): | ||
Loss on sale of marketable securities | (720) | |
Interest income | 166 | |
Other income (expense) | 8 | (1) |
Total other income (expense) | 8 | (555) |
Net Loss | (3,287) | (3,174) |
Other Comprehensive Income (Loss) | ||
Transfer to realized loss upon sale of available for sale securities | 90 | |
Comprehensive Loss | $ (3,287) | $ (3,084) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.82) | $ (2.15) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 4,004,948 | 1,478,233 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL CASH FLOW INFORMATION (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Activities: | |||
Net loss | $ (3,287) | $ (3,174) | |
Reconciliation of net loss to cash used in operations: | |||
Non-cash lease expense | 5 | ||
Accretion of asset retirement obligations | 106 | 126 | $ 390 |
Costs incurred for restoration and reclamation activities | (26) | (335) | |
Amortization of note receivable discount | (123) | ||
Depreciation and amortization | 13 | 23 | |
Stock compensation expense | 8 | ||
Loss on sale of marketable securities | 720 | ||
Increase in prepaids and other assets | (352) | (32) | |
Increase in payables and accrued liabilities | 91 | 42 | |
Net Cash Used In Operating Activities | (3,455) | (2,740) | |
Cash Flows From Investing Activities | |||
Proceeds from disposal of uranium assets, net | 500 | ||
Proceeds from the sale of securities, net | 536 | ||
Proceeds from note receivable | 750 | ||
Net Cash Provided By Investing Activities | 1,786 | ||
Cash Flows From Financing Activities: | |||
Issuance of common stock, net | 2,471 | 415 | |
Payment of minimum withholding taxes on net share settlements of equity awards | (1) | ||
Net Cash Provided By Financing Activities | 2,471 | 414 | |
Net decrease in cash, cash equivalents and restricted cash | (984) | (540) | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 5,667 | 5,309 | 5,309 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 4,683 | 4,769 | $ 5,667 |
Cash Paid During the Period for: | |||
Interest | $ 1 | 1 | |
Supplemental Non-Cash Information with Respect to Investing and Financing Activities: | |||
Securities received for payment of notes receivable – Laramide | 750 | ||
Total Non-Cash Investing and Financing Activities for the Period | $ 750 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (unaudited) - USD ($) $ in Thousands | Common Stock | Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Treasury Stock | Total |
Balance at Dec. 31, 2018 | $ 1 | $ 313,012 | $ (90) | $ (291,874) | $ (258) | $ 20,791 |
Balance, shares at Dec. 31, 2018 | 1,436,555 | |||||
Net loss | (3,174) | (3,174) | ||||
Common stock issued, net of issuance costs | 416 | 416 | ||||
Common stock issued, net of issuance costs (in shares) | 57,205 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes | 8 | 8 | ||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares) | 393 | |||||
Minimum withholding taxes on net share settlements of equity awards | (1) | (1) | ||||
Transfer to realized loss upon sale of available for sale securities | $ 90 | 90 | ||||
Balance at Mar. 31, 2019 | $ 1 | 313,435 | (295,048) | (258) | 18,130 | |
Balance, shares at Mar. 31, 2019 | 1,494,153 | |||||
Balance at Dec. 31, 2019 | $ 3 | 319,758 | (302,439) | (258) | 17,064 | |
Balance, shares at Dec. 31, 2019 | 3,339,541 | |||||
Net loss | (3,287) | (3,287) | ||||
Common stock and common stock purchase warrants issued, net of issuance costs | $ 2 | 2,469 | 2,471 | |||
Common stock and common stock purchase warrants issued, net of issuance costs (in shares) | 1,422,742 | |||||
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares) | 511 | |||||
Balance at Mar. 31, 2020 | $ 5 | $ 322,227 | $ (305,726) | $ (258) | $ 16,248 | |
Balance, shares at Mar. 31, 2020 | 4,762,794 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2020 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements for Westwater Resources, Inc. (the “Company,” “we,” “us,” “WWR” or “Westwater”), 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 2019 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, 2020 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2020. Significant Accounting Policies Our significant accounting policies are detailed in Note 1, Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements within our Annual Report on Form 10‑K for the year ended December 31, 2019. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018‑13, “Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements for fair value measurements by removing, modifying or adding disclosures. The Company adopted this pronouncement effective January 1, 2020. The adoption of ASU 2018-13 has not had a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. In June 2016, the FASB issued ASU 2016‑13, “Measurement of Credit Losses on Financial Instruments”. ASU 2016‑13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to estimate lifetime expected credit losses and recognize an allowance against the related instruments. For available for sale debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. The adoption of this update, if applicable, will result in earlier recognition of losses and impairments. ASU 2016-13 will be effective for interim and annual periods beginning after January 1, 2023. In November 2018, the FASB issued ASU 2018‑19, “Codification Improvements to ASC 326, Financial Instruments – Credit Losses.” ASU 2016‑13 introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. ASU 2018‑19 is the final version of Proposed Accounting Standards Update 2018‑270, which has been deleted. Additionally, the amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326‑20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. ASU 2018-19 will be effective for interim and annual periods beginning after January 1, 2023. The Company is currently evaluating ASU 2016‑13, ASU 2018‑19 and ASU 2019-12 for the potential impact of adopting this guidance on its financial reporting. 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. As of March 31, (thousands of dollars) 2020 2019 Cash and cash equivalents $ 877 $ 1,019 Restricted cash - pledged deposits for performance bonds 3,806 3,750 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 4,683 $ 4,769 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 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. |
LIQUIDITY AND GOING CONCERN
LIQUIDITY AND GOING CONCERN | 3 Months Ended |
Mar. 31, 2020 | |
LIQUIDITY AND GOING CONCERN. | |
LIQUIDITY AND GOING CONCERN | 2. LIQUIDITY AND GOING CONCERN The interim Condensed Consolidated Financial Statements of the Company have been prepared on a “going concern” basis, which means that the continuation of the Company is presumed even though events and conditions exist that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern because it is possible that the Company will be required to adversely change its current business plan or may be unable to meet its obligations as they become due within one year after the date that these financial statements were issued. The Company last recorded revenues from operations in 2009 and expects to continue to incur losses as a result of costs and expenses related to maintaining its properties and general and administrative expenses. Since 2009, the Company has relied on equity financings, debt financings and asset sales to fund its operations and the Company expects to rely on these forms of financing to fund its operations into the near future. The Company will also continue to identify ways to reduce its cash expenditures. The Company’s current business plan requires working capital to fund non-discretionary expenditures for uranium reclamation activities, mineral property holding costs, business development costs and administrative costs. The Company intends to pursue project financing to support execution of the graphite business plan, including discretionary capital expenditures associated with graphite battery-material product development, construction of pilot plant facilities and construction of commercial production facilities. The Company’s current lithium business plan will be funded by working capital; however, the Company is pursuing project financing including possible joint venture partners to fund discretionary greenfield exploration activities. At March 31, 2020 the Company’s cash balances were $0.9 million and the Company had a working capital deficit balance of $2.2 million. The Company’s cash balance at May 8, 2020 is $0.5 million. Subsequent to May 8, 2020, the Company expects to fund operations as follows: · The new Stock Purchase Agreement with Lincoln Park Capital, LLC., approved by the Company’s shareholders at the annual shareholders meeting on April 28, 2020, whereby the Company may place up to $12.0 million in the aggregate of the Company's common stock on an ongoing basis when required by the Company over a term of 24-months after execution of the agreement. · The Controlled Equity Offering Sales Agreement (the “ATM Offering Agreement”) with Cantor Fitzgerald & Co. The Company currently has registered the offer and sale from time to time of shares of its common stock having an aggregate offering price of up to $3.1 million. As of May 8, 2020, $2.8 million registered shares are available for future sales under the ATM Offering Agreement. · The loan proceeds in the amount of $0.3 million received from the Paycheck Protection Program (“PPP”) by URI, Inc., a wholly owned subsidiary of WWR, on May 4, 2020. See Note 15. The Company plans to use the proceeds from this loan for payroll and benefits costs for its South Texas operations, which are eligible expenses in accordance with the PPP. Under the terms of the promissory note executed by URI, principal and accrued interest are forgivable after eight weeks as long as the proceeds are used for eligible purposes. Any unforgiven portion of the loan is payable over two years at an interest rate of 1% with a deferral of payments for the first six months. · Other debt and equity financings and asset sales. While the Company has been successful in the past in 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 its needs, or on terms acceptable to the Company. Stock price volatility and uncertain economic conditions caused by the recent Covid-19 pandemic could significantly impact the Company’s ability to raise funds through equity financing . In the event that we are unable to raise sufficient additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition, long-term prospects and ability to continue as a viable business. Considering all of the factors above, the Company believes there is substantial doubt regarding its ability to continue as a going concern. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 3 Months Ended |
Mar. 31, 2020 | |
NOTES RECEIVABLE. | |
NOTES RECEIVABLE | 3. NOTES RECEIVABLE Laramide Note Receivable As part of the consideration for the sale of Hydro Resources, Inc. (HRI) in January 2017, the Company received a promissory note in the amount of $5.0 million, secured by a mortgage over the Churchrock and Crownpoint properties owned by Laramide Resources Ltd. (“Laramide”). The note had a three-year term and carried an initial interest rate of 5%. The Company received the first two installment payments of $1.5 million each in January 2018 and January 2019. The final principal payment of $2.0 million was due and payable on January 5, 2020. Interest was payable on a quarterly basis during the final year. Laramide had the right to satisfy up to half of the principal payments by delivering shares of its common stock to the Company, which shares were valued by reference to the volume weighted average price (“VWAP”) for Laramide’s common stock for the 20 trading days before their respective anniversaries of the initial issuance date in January. The fair value of this note receivable was determined using the present value of the future cash receipts discounted at a market rate of 9.5%. On August 30, 2019, the Company sold the promissory note (Note 4). Prior to August 30, 2019, the Company had received three tranches of Laramide common shares as partial consideration for the sale, which had resulted in the receipt of 2,218,133, 1,982,483 and 2,483,034 Laramide common shares in January 2017, January 2018 and January 2019, respectively. These share payments represented the initial consideration from the January 2017 sale of HRI and two note installments in January 2018 and January 2019. The first note installment in the amount of $1.5 million in January 2018, consisted of $750,000 in cash and the issuance of 1,982,483 of Laramide’s common shares. The second note installment in the amount of $1.5 million in January 2019, consisted of $750,000 in cash and the issuance of 2,483,034 of Laramide’s common shares. Additionally, Laramide made interest payments in the amount of $96,022 in cash during the year ending December 31, 2019. On March 25, 2019, the Company sold the third tranche of 2,483,034 Laramide common shares and 2,218,133 Laramide warrants resulting in net proceeds of $0.5 million and a net loss on sale of marketable securities of $0.7 million. |
SALE OF URANIUM ASSETS
SALE OF URANIUM ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
SALE OF URANIUM ASSETS | |
SALE OF URANIUM ASSETS | 4. SALE OF URANIUM ASSETS On March 5, 2019, the Company entered into an Asset Purchase Agreement with Uranium Royalty (USA) Corp. and Uranium Royalty Corp. (together “URC”) for the sale of four of its royalty interests on future uranium production from mineral properties located in South Dakota, Wyoming and New Mexico, as well as the remaining amount of the Laramide promissory note in the amount of $2.0 million as discussed in Note 3 above, for $2.75 million, including $0.5 million paid at signing. On June 28, 2019, Westwater and URC entered into an Amendment to the Asset Purchase Agreement. The Amendment extended the date for closing from July 31, 2019 to August 30, 2019. URC delivered an additional $1.0 million as deposit to the Company upon signing the Amendment. The transaction closed on August 30, 2019 at which time the Company transferred ownership of the royalties and promissory note in exchange for the final payment of $1.25 million. The sale of these uranium assets was accounted for as an asset disposal. The Company recorded the following gain on disposal of uranium assets on its Consolidated Statements of Operations for the year ended December 31, 2019: URC Transaction (thousands of dollars) Total cash consideration received, net of transaction costs $ 2,470 Carrying value of promissory note (1,741) Carrying value of royalty interests — Gain on disposal of uranium assets $ 729 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | 5. 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 value 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, 2020 and December 31, 2019 and indicate the fair value hierarchy. March 31, 2020 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ — $ — $ — $ — Total current assets recorded at fair value $ — $ — $ — $ — Non-current Assets Restricted cash $ 3,806 $ — — $ 3,806 Total non-current assets recorded at fair value $ 3,806 $ — $ — $ 3,806 December 31, 2019 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ — $ — $ — $ — Total current assets recorded at fair value $ — $ — $ — $ — Non-current Assets Restricted cash $ 3,797 $ — — $ 3,797 Total non-current assets recorded at fair value $ 3,797 $ — $ — $ 3,797 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, 2020 | |
PROPERTY, PLANT AND EQUIPMENT. | |
PROPERTY, PLANT AND EQUIPMENT | 6. PROPERTY, PLANT AND EQUIPMENT Net Book Value of Property, Plant and Equipment at March 31, 2020 (thousands of dollars) Turkey Texas Alabama New Mexico Corporate Total Uranium plant $ — $ 3,112 $ — $ — $ — $ 3,112 Mineral rights and properties — — 8,972 7,806 — 16,778 Other property, plant and equipment 5 326 — — 103 434 Total $ 5 $ 3,438 $ 8,972 $ 7,806 $ 103 $ 20,324 Net Book Value of Property, Plant and Equipment at December 31, 2019 (thousands of dollars) Turkey Texas Alabama New Mexico Corporate Total Uranium plant $ — $ 3,112 $ — $ — $ — $ 3,112 Mineral rights and properties — — 8,972 7,806 — 16,778 Other property, plant and equipment 6 327 — — 114 447 Total $ 6 $ 3,439 $ 8,972 $ 7,806 $ 114 $ 20,337 The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the three months ended March 31, 2020 no events or changes in circumstance, including any affects from the COVID-19 pandemic, are believed to have impacted recoverability of the Company’s long-lived assets. Accordingly, it was determined that no interim impairment was necessary. |
MINERAL PROPERTY EXPENDITURES
MINERAL PROPERTY EXPENDITURES | 3 Months Ended |
Mar. 31, 2020 | |
MINERAL PROPERTY EXPENDITURES | |
MINERAL PROPERTY EXPENDITURES | 7. MINERAL PROPERTY EXPENDITURES Mineral property expenditures by geographical location for the three months ended March 31, 2020 and 2019 are as follows: For the Three Months Ended March 31, 2020 2019 (thousands of dollars) Kingsville Dome project, Texas $ 265 $ 244 Rosita project, Texas 91 117 Vasquez project, Texas 240 186 Total Texas projects 596 547 Juan Tafoya project, New Mexico 6 6 Total New Mexico projects 6 6 Sal Rica project, Utah — 1 Total Utah projects — 1 Coosa project, Alabama 126 80 Total Alabama projects 126 80 Total expense for the period $ 728 $ 634 |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 3 Months Ended |
Mar. 31, 2020 | |
ASSET RETIREMENT OBLIGATION | |
ASSET RETIREMENT OBLIGATION | 8. 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, (thousands of dollars) 2020 2019 Balance, beginning of period $ 6,300 $ 6,203 Liabilities settled (26) (293) Accretion expense 106 390 Balance, end of period 6,380 6,300 Less: Current portion (1,090) (894) Non-current portion $ 5,290 $ 5,406 The Company is currently performing plugging and surface reclamation activities at its Kingsville Dome, Rosita and Vasquez projects located in Kleberg and Duval Counties in Texas. The Company’s current liability of $1.1 million consists of the estimated costs associated with current reclamation activities through March 2021 at the Company’s Kingsville Dome, Rosita and Vasquez projects. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Mar. 31, 2020 | |
COMMON STOCK | |
COMMON STOCK | 9. COMMON STOCK Common Stock Issued, Net of Issuance Costs Purchase Agreement (“PA”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”) On June 6, 2019, the Company entered into the PA with Lincoln Park to place up to $10.0 million in the aggregate of the Company’s common stock on an ongoing basis when required by the Company over a term of 24 months. Westwater will control the timing and amount of any sales to Lincoln Park, and Lincoln Park is obligated to make purchases in accordance with the PA. Any common stock that is sold to Lincoln Park will occur at a purchase price that is based on an agreed upon fixed discount to the Company’s prevailing market prices at the time of each sale and with no upper limits to the price Lincoln Park may pay to purchase common stock. The PA may be terminated by Westwater at any time, in its sole discretion, without any additional cost or penalty. The PA specifically provides that the Company may not issue or sell any shares of its common stock under the PA if such issuance or sale would breach any applicable rules of The Nasdaq Capital Market. In particular, Nasdaq Listing Rule 5635(d) provides that the Company may not issue or sell more than 19.99% of the shares of the Company’s common stock outstanding immediately prior to the execution of the PA without shareholder approval. On August 6, 2019 the Company conducted a Special Meeting of Shareholders whereby the Company received such approval to sell up to 3,200,000 shares of common stock under the PA. Lincoln Park has no right to require the Company to sell any shares of common stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to certain conditions. In all instances, the Company may not sell shares of its common stock to Lincoln Park under the PA if it would result in Lincoln Park beneficially owning more than 9.99% of its common stock. Following effectiveness of a registration statement on Form S-1 relating to the resale of the shares subject to the PA on June 18, 2019, the Company began selling shares of its common stock to Lincoln Park under the terms of the PA. On September 11, 2019, October 28, 2019 and February 28, 2020 we filed subsequent registration statements on Form S-1, which were declared effective on September 20, 2019, November 7, 2019 and March 6, 2020, respectively, registering for resale additional shares under the PA. Inception-to-date through March 31, 2020, the Company has sold 2,576,764 shares of common stock for gross proceeds of $7.1 million. In April 2020, the Company sold the remaining 623,236 registered shares of common stock for gross proceeds of $0.6 million. Stock Purchase Agreement with Lincoln Park Capital Fund, LLC. ("Lincoln Park") On May 24, 2019, Westwater entered into a securities purchase agreement, as amended by Amendment No. 1 thereto dated as of May 30, 2019 (as so amended, the "Securities Purchase Agreement"), with Lincoln Park, pursuant to which the Company agreed to issue and sell to Lincoln Park, and Lincoln Park agreed to purchase from the Company (i) 104,294 shares of the Company's common stock and (ii) warrants to initially purchase an aggregate of up to 182,515 shares of common stock, at an exercise price of $5.062 per share. On May 30, 2019, the Company issued and sold the common shares and the warrants to Lincoln Park and received aggregate gross proceeds before expenses of $550,751. The warrants became exercisable on November 30, 2019 and may be exercised at any time thereafter until November 30, 2024. Controlled Equity Offering Sales Agreement with Cantor Fitzgerald (“Cantor”) On April 14, 2017, the Company entered into the "ATM Offering Agreement” with Cantor acting as sales agent. Under the ATM Offering Agreement, the Company may from time to time sell shares of its common stock in “at-the-market” offerings and $3.1 million of which shares were registered for sale under a registration statement on Form S‑3, which was declared effective on April 13, 2020. The Company pays Cantor a commission of up to 2.5% of the gross proceeds from the sale of any shares pursuant to the ATM Offering Agreement. As of March 31, 2020, the Company had sold 1,029,197 shares of common stock for net proceeds of $7.2 million under the ATM Offering Agreement, of which 540,512 shares of common stock and net proceeds of $1.1 million was sold in the three months ended March 31, 2020. Warrants The following table summarizes warrants outstanding and changes for the three-month periods ending March 31, 2020 and 2019: March 31, 2020 March 31, 2019 Number of Number of Warrants Warrants Warrants outstanding at beginning of period 197,622 15,107 Issued — — Expired — — Warrants outstanding at end of period 197,622 15,107 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2020 | |
STOCK BASED COMPENSATION | |
STOCK BASED COMPENSATION | 10. STOCK-BASED COMPENSATION Stock-based compensation awards consist of stock options, restricted stock units and bonus shares issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan") and the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ 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, April 18, 2019 and April 28, 2020, the Company’s stockholders approved amendments to the 2013 Plan to increase the authorized number of shares of common stock available and reserved for issuance under the 2013 Plan by 20,000 shares, 66,000 and 350,000 shares, respectively and in 2017 re-approve the material terms of the performance goals under the plan. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards, 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 currently 416,278 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 and permitted by the 2013 Plan. As of March 31, 2020, 45,886 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2019 the Company recorded stock-based compensation expense of $7,719. No stock-based compensation expense was recorded for the three months ending March 31, 2020. Stock compensation expense is recorded in general and administrative expenses. In addition to the plans above, upon closing of the Company’s acquisition of Alabama Graphite in April 2018, the Company issued 50,168 replacement options and warrants to the option and warrant holders of Alabama Graphite. The number of replacement options and warrants shares was determined using the arrangement exchange rate of 0.0016. The exercise prices for the option and warrant shares were first converted for the exchange rate of 0.0016 and then converted to USD using the exchange rate on December 13, 2017 of 0.77809 (CAD to USD). The options and warrant shares were issued with the same terms and conditions as were applicable prior to the acquisition of Alabama Graphite. As of March 31, 2020, there were 3,312 replacement options and 11,440 replacement warrants outstanding. Stock Options The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2020 and 2019: March 31, 2020 March 31, 2019 Weighted Weighted Number of Average Number of Average Stock Exercise Stock Exercise Options Price Options Price Stock options outstanding at beginning of period 37,786 $ 37.42 19,170 $ 79.78 Granted — — — — Expired (1,217) 75.95 (280) 179.68 Canceled or forfeited — — — — Stock options outstanding at end of period 36,569 $ 36.14 18,890 $ 78.21 Stock options exercisable at end of period 36,569 $ 36.14 18,890 $ 78.21 The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2020: Outstanding Stock Options Exercisable Stock Options Number of Weighted Number of Weighted Outstanding Average Stock Options Average Stock Option Plan Stock Options Exercise Price Exercisable Exercise Price 2004 Plan 96 $ 1,752.25 96 $ 1,752.25 2004 Directors’ Plan 3 10,380.00 3 10,380.00 2013 Plan 33,158 25.47 33,158 25.47 Replacement Options-Alabama Graphite 3,312 83.88 3,312 83.88 36,569 $ 36.14 36,569 $ 36.14 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, 2020 and 2019: March 31, March 31, 2020 2019 Weighted- Weighted- Average Average Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value Unvested RSUs at beginning of period — $ — 2,260 $ 70.00 Granted — — — — Forfeited — — (565) 70.00 Vested — — — — Unvested RSUs at end of period — $ — 1,695 $ 70.00 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2020 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Additionally, potentially dilutive shares of 234,191 were excluded from the calculation of earnings per share because the effect on the basic income per share would be anti-dilutive for the three months ended March 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | 12. 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 our financial position, results of operations or cash flows. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2020 | |
LEASES | |
LEASES | 13. LEASES The Company’s lease portfolio consists of operating leases for corporate offices, storage space and equipment. The leases have remaining lease terms of 1 to 3.5 years, one of which includes an option to extend the corporate office lease for 3 years. Under our corporate office lease, we are required to reimburse the lessor each month for common use expenses such as maintenance and security services. Because these amounts are variable from year to year and not specifically set in the lease terms, they are not included in the measurement of the right-of-use asset and related lease liability, but rather expensed in the period incurred. The Company is party to several leases that are for under one year in length. These include such leases as those for land used in exploration and mining activities, office equipment, machinery, office space, storage and other. The Company has elected the short-term lease exemptions allowed under the new leasing standards, whereby leases with initial terms of one year or less are not capitalized and instead expensed on a straight-line basis over the lease term. In addition, the Company holds numerous leases related to mineral exploration and production to which it has not applied the new leasing standard. Leases to explore or use minerals and similar nonregenerative resources are specifically excluded by ASC 842-10. The right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term using a discount rate of 9.5%. This rate is the Company’s current estimated incremental borrowing rate. The components of lease expense are as follows: Three months Three months ended ended March 31, March 31, (thousands of dollars) 2020 2019 Operating lease cost $ 40 $ 40 Supplemental cash flow information related to the Company’s operating leases is as follows: Three months Three months ended ended (thousands of dollars) March 31, 2020 March 31, 2019 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 39 $ 39 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 454 $ 569 Supplemental balance sheet information related to the Company’s operating leases is as follows: March 31, December 31, (thousands of dollars, except lease term and discount rate) 2020 2019 Operating Leases Operating lease right-of-use assets $ 454 $ 484 Current portion of lease liabilities $ 153 $ 153 Operating lease liabilities – long term portion 310 340 Total operating lease liabilities $ 463 $ 493 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: March 31, March 31, 2020 2019 Weighted Average Remaining Lease Term (in years) 3.5 4.4 Discount Rate 9.5 % 9.5 % Maturities of lease liabilities for the Company’s operating leases are as follows: March 31, Lease payments by year (In thousands) 2020 2020 (remainder of year ) $ 120 2021 161 2022 162 2023 93 Total lease payments 536 Less imputed interest (73) Total $ 463 As of March 31, 2020, the Company has $0.5 million in right-of-use assets and $0.5 million in related lease liabilities ($0.2 million of which is current). The most significant operating lease is for its corporate office in Centennial, Colorado, with $0.5 million remaining in undiscounted cash payments through the end of the lease term in 2023. The total undiscounted cash payments remaining on operating leases through the end of their respective terms is $0.5 million. |
GEOGRAPHIC AND SEGMENT INFORMAT
GEOGRAPHIC AND SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2020 | |
GEOGRAPHIC AND SEGMENT INFORMATION | |
GEOGRAPHIC AND SEGMENT INFORMATION | 14. GEOGRAPHIC AND SEGMENT INFORMATION The Company currently operates in three reportable segments, which are uranium, lithium and graphite mining activities, including exploration, standby operations and restoration and reclamation activities. As a part of these activities, the Company explores, evaluates and, if warranted, develops uranium, lithium and graphite properties. The Company’s long-term assets were $24.6 million as of both March 31, 2020 and December 31, 2019. 100% of the long-term assets are located in the United States. The Company reported no revenues during the three months ended March 31, 2020 and March 31, 2019. 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. The table below provides a breakdown of the long-term assets by reportable segments as of March 31, 2020 and December 31, 2019: March 31, 2020 (thousands of dollars) Corporate Uranium Lithium Graphite Total Net property, plant and equipment $ 103 $ 11,249 $ — $ 8,972 $ 20,324 Restricted cash — 3,796 — 10 3,806 Operating lease right of use assets 435 19 — — 454 Total long-term assets $ 538 $ 15,064 $ — $ 8,982 $ 24,584 December 31, 2019 (thousands of dollars) Corporate Uranium Lithium Graphite Total Net property, plant and equipment $ 114 $ 11,251 $ — $ 8,972 $ 20,337 Restricted cash — 3,787 — 10 3,797 Operating lease right of use assets 463 21 — — 484 Total long-term assets $ 577 $ 15,059 $ — $ 8,982 $ 24,618 The table below provides a breakdown of the reportable segments for the three months ended March 31, 2020 and March 31, 2019. Non-mining activities and other administrative operations are reported in the Corporate column. Three months Ended March 31, 2020 (thousands of dollars) Corporate Uranium Lithium Graphite Total Statement of Operations Mineral property expenses $ — $ 602 $ — $ 126 $ 728 General and administrative expenses 1,189 426 — 164 1,779 Arbitration expenses 669 — — — 669 Accretion of asset retirement costs — 106 — — 106 Depreciation and amortization 12 1 — — 13 1,870 1,135 — 290 3,295 Loss from operations (1,870) (1,135) — (290) (3,295) Other income — 8 — — 8 Loss before taxes $ (1,870) $ (1,127) $ — $ (290) $ (3,287) Three months Ended March 31, 2019 (thousands of dollars) Corporate Uranium Lithium Graphite Total Statement of Operations Mineral property expenses $ — $ 553 $ 1 $ 80 $ 634 General and administrative 1,148 392 — 165 1,705 Arbitration expenses 131 — — — 131 Accretion of asset retirement costs — 126 — — 126 Depreciation and amortization 1 22 — — 23 1,280 1,093 1 245 2,619 Loss from operations (1,280) (1,093) (1) (245) (2,619) Other expense (555) — — — (555) Loss before taxes $ (1,835) $ (1,093) $ (1) $ (245) $ (3,174) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS Loan under the Paycheck Protection Program On May 4, 2020, URI, Inc, a wholly owned subsidiary of Westwater, received loan proceeds in the amount of $0.3 million under the Paycheck Protection Program (“PPP”) in accordance with the terms of a promissory note executed in favor of Celtic Bank Corporation, a Salt Lake City based Small Business Administration Preferred Lender. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loan and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll costs, rent and utilities. No more than 25% of the amount forgiven can be attributable to non-payroll costs. Any unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months, making the first payment of principal and interest due on November 11, 2020. The Company intends to use the proceeds for funding its payroll and benefits costs for the restart of South Texas operations, purposes consistent with the PPP. The Company’s South Texas operations were shut down and employees furloughed in March 2020 due to the uncertain economic conditions that had significantly impacted the capital markets. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, no assurance can be provided that the Company will obtain forgiveness of the Loan, in whole or in part. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
BASIS OF PRESENTATION | |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018‑13, “Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements for fair value measurements by removing, modifying or adding disclosures. The Company adopted this pronouncement effective January 1, 2020. The adoption of ASU 2018-13 has not had a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. In June 2016, the FASB issued ASU 2016‑13, “Measurement of Credit Losses on Financial Instruments”. ASU 2016‑13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to estimate lifetime expected credit losses and recognize an allowance against the related instruments. For available for sale debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. The adoption of this update, if applicable, will result in earlier recognition of losses and impairments. ASU 2016-13 will be effective for interim and annual periods beginning after January 1, 2023. In November 2018, the FASB issued ASU 2018‑19, “Codification Improvements to ASC 326, Financial Instruments – Credit Losses.” ASU 2016‑13 introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. ASU 2018‑19 is the final version of Proposed Accounting Standards Update 2018‑270, which has been deleted. Additionally, the amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326‑20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. ASU 2018-19 will be effective for interim and annual periods beginning after January 1, 2023. The Company is currently evaluating ASU 2016‑13, ASU 2018‑19 and ASU 2019-12 for the potential impact of adopting this guidance on its financial reporting. |
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. As of March 31, (thousands of dollars) 2020 2019 Cash and cash equivalents $ 877 $ 1,019 Restricted cash - pledged deposits for performance bonds 3,806 3,750 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 4,683 $ 4,769 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 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. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
BASIS OF PRESENTATION | |
Schedule of Cash, Cash Equivalents and Restricted Cash | As of March 31, (thousands of dollars) 2020 2019 Cash and cash equivalents $ 877 $ 1,019 Restricted cash - pledged deposits for performance bonds 3,806 3,750 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 4,683 $ 4,769 |
SALE OF URANIUM ASSETS (Tables)
SALE OF URANIUM ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
SALE OF URANIUM ASSETS | |
Schedule of gain on disposal of uranium assets | The sale of these uranium assets was accounted for as an asset disposal. The Company recorded the following gain on disposal of uranium assets on its Consolidated Statements of Operations for the year ended December 31, 2019: URC Transaction (thousands of dollars) Total cash consideration received, net of transaction costs $ 2,470 Carrying value of promissory note (1,741) Carrying value of royalty interests — Gain on disposal of uranium assets $ 729 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
Schedule of Fair Value on Recurring and Non-recurring Basis | March 31, 2020 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ — $ — $ — $ — Total current assets recorded at fair value $ — $ — $ — $ — Non-current Assets Restricted cash $ 3,806 $ — — $ 3,806 Total non-current assets recorded at fair value $ 3,806 $ — $ — $ 3,806 December 31, 2019 (thousands of dollars) Level 1 Level 2 Level 3 Total Current Assets Short-term available-for-sale investments $ — $ — $ — $ — Total current assets recorded at fair value $ — $ — $ — $ — Non-current Assets Restricted cash $ 3,797 $ — — $ 3,797 Total non-current assets recorded at fair value $ 3,797 $ — $ — $ 3,797 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT. | |
Net Book Value of Property, Plant and Equipment | Net Book Value of Property, Plant and Equipment at March 31, 2020 (thousands of dollars) Turkey Texas Alabama New Mexico Corporate Total Uranium plant $ — $ 3,112 $ — $ — $ — $ 3,112 Mineral rights and properties — — 8,972 7,806 — 16,778 Other property, plant and equipment 5 326 — — 103 434 Total $ 5 $ 3,438 $ 8,972 $ 7,806 $ 103 $ 20,324 Net Book Value of Property, Plant and Equipment at December 31, 2019 (thousands of dollars) Turkey Texas Alabama New Mexico Corporate Total Uranium plant $ — $ 3,112 $ — $ — $ — $ 3,112 Mineral rights and properties — — 8,972 7,806 — 16,778 Other property, plant and equipment 6 327 — — 114 447 Total $ 6 $ 3,439 $ 8,972 $ 7,806 $ 114 $ 20,337 |
MINERAL PROPERTY EXPENDITURES (
MINERAL PROPERTY EXPENDITURES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
MINERAL PROPERTY EXPENDITURES | |
Schedule of Mineral Property Expenses | For the Three Months Ended March 31, 2020 2019 (thousands of dollars) Kingsville Dome project, Texas $ 265 $ 244 Rosita project, Texas 91 117 Vasquez project, Texas 240 186 Total Texas projects 596 547 Juan Tafoya project, New Mexico 6 6 Total New Mexico projects 6 6 Sal Rica project, Utah — 1 Total Utah projects — 1 Coosa project, Alabama 126 80 Total Alabama projects 126 80 Total expense for the period $ 728 $ 634 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
ASSET RETIREMENT OBLIGATION | |
Summary of Asset Retirement Obligation | March 31, December 31, (thousands of dollars) 2020 2019 Balance, beginning of period $ 6,300 $ 6,203 Liabilities settled (26) (293) Accretion expense 106 390 Balance, end of period 6,380 6,300 Less: Current portion (1,090) (894) Non-current portion $ 5,290 $ 5,406 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
COMMON STOCK | |
Warrants Outstanding | March 31, 2020 March 31, 2019 Number of Number of Warrants Warrants Warrants outstanding at beginning of period 197,622 15,107 Issued — — Expired — — Warrants outstanding at end of period 197,622 15,107 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
STOCK BASED COMPENSATION | |
Summary of Stock Options Outstanding | March 31, 2020 March 31, 2019 Weighted Weighted Number of Average Number of Average Stock Exercise Stock Exercise Options Price Options Price Stock options outstanding at beginning of period 37,786 $ 37.42 19,170 $ 79.78 Granted — — — — Expired (1,217) 75.95 (280) 179.68 Canceled or forfeited — — — — Stock options outstanding at end of period 36,569 $ 36.14 18,890 $ 78.21 Stock options exercisable at end of period 36,569 $ 36.14 18,890 $ 78.21 |
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, 2020: Outstanding Stock Options Exercisable Stock Options Number of Weighted Number of Weighted Outstanding Average Stock Options Average Stock Option Plan Stock Options Exercise Price Exercisable Exercise Price 2004 Plan 96 $ 1,752.25 96 $ 1,752.25 2004 Directors’ Plan 3 10,380.00 3 10,380.00 2013 Plan 33,158 25.47 33,158 25.47 Replacement Options-Alabama Graphite 3,312 83.88 3,312 83.88 36,569 $ 36.14 36,569 $ 36.14 |
Summary of RSU Activity | March 31, March 31, 2020 2019 Weighted- Weighted- Average Average Number of Grant Date Number of Grant Date RSUs Fair Value RSUs Fair Value Unvested RSUs at beginning of period — $ — 2,260 $ 70.00 Granted — — — — Forfeited — — (565) 70.00 Vested — — — — Unvested RSUs at end of period — $ — 1,695 $ 70.00 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
LEASES | |
Components of lease expense | Three months Three months ended ended March 31, March 31, (thousands of dollars) 2020 2019 Operating lease cost $ 40 $ 40 |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Three months Three months ended ended (thousands of dollars) March 31, 2020 March 31, 2019 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 39 $ 39 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 454 $ 569 |
Schedule of Supplemental Balance Sheet Information Relating to Operating Leases | March 31, December 31, (thousands of dollars, except lease term and discount rate) 2020 2019 Operating Leases Operating lease right-of-use assets $ 454 $ 484 Current portion of lease liabilities $ 153 $ 153 Operating lease liabilities – long term portion 310 340 Total operating lease liabilities $ 463 $ 493 |
Schedule of Weighted-average Remaining Lease Term and Discount Rate for Operating Leases | March 31, March 31, 2020 2019 Weighted Average Remaining Lease Term (in years) 3.5 4.4 Discount Rate 9.5 % 9.5 % |
Schedule of Maturities of Lease Liabilities for Operating Leases | March 31, Lease payments by year (In thousands) 2020 2020 (remainder of year ) $ 120 2021 161 2022 162 2023 93 Total lease payments 536 Less imputed interest (73) Total $ 463 |
GEOGRAPHIC AND SEGMENT INFORM_2
GEOGRAPHIC AND SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
GEOGRAPHIC AND SEGMENT INFORMATION | |
Schedule of Segment Reporting Information | March 31, 2020 (thousands of dollars) Corporate Uranium Lithium Graphite Total Net property, plant and equipment $ 103 $ 11,249 $ — $ 8,972 $ 20,324 Restricted cash — 3,796 — 10 3,806 Operating lease right of use assets 435 19 — — 454 Total long-term assets $ 538 $ 15,064 $ — $ 8,982 $ 24,584 December 31, 2019 (thousands of dollars) Corporate Uranium Lithium Graphite Total Net property, plant and equipment $ 114 $ 11,251 $ — $ 8,972 $ 20,337 Restricted cash — 3,787 — 10 3,797 Operating lease right of use assets 463 21 — — 484 Total long-term assets $ 577 $ 15,059 $ — $ 8,982 $ 24,618 Three months Ended March 31, 2020 (thousands of dollars) Corporate Uranium Lithium Graphite Total Statement of Operations Mineral property expenses $ — $ 602 $ — $ 126 $ 728 General and administrative expenses 1,189 426 — 164 1,779 Arbitration expenses 669 — — — 669 Accretion of asset retirement costs — 106 — — 106 Depreciation and amortization 12 1 — — 13 1,870 1,135 — 290 3,295 Loss from operations (1,870) (1,135) — (290) (3,295) Other income — 8 — — 8 Loss before taxes $ (1,870) $ (1,127) $ — $ (290) $ (3,287) Three months Ended March 31, 2019 (thousands of dollars) Corporate Uranium Lithium Graphite Total Statement of Operations Mineral property expenses $ — $ 553 $ 1 $ 80 $ 634 General and administrative 1,148 392 — 165 1,705 Arbitration expenses 131 — — — 131 Accretion of asset retirement costs — 126 — — 126 Depreciation and amortization 1 22 — — 23 1,280 1,093 1 245 2,619 Loss from operations (1,280) (1,093) (1) (245) (2,619) Other expense (555) — — — (555) Loss before taxes $ (1,835) $ (1,093) $ (1) $ (245) $ (3,174) |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
BASIS OF PRESENTATION | |||
Cash and cash equivalents | $ 877 | $ 1,870 | $ 1,019 |
Restricted cash - pledged deposits for performance bonds | 3,806 | 3,750 | |
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 4,683 | $ 4,769 |
LIQUIDITY AND GOING CONCERN (De
LIQUIDITY AND GOING CONCERN (Details) - USD ($) | May 08, 2020 | May 04, 2020 | Apr. 28, 2020 | Aug. 06, 2019 | Jun. 06, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash balances | $ 877,000 | $ 1,870,000 | $ 1,019,000 | |||||
Working capital deficit | $ (2,200,000) | |||||||
Subsequent Event | ||||||||
Cash balances | $ 500,000 | |||||||
Period for financing from common stock | 24 months | |||||||
Lincoln Park | PA | ||||||||
Maximum aggregate offering price | $ 3,200,000 | $ 10,000,000 | ||||||
Period for financing from common stock | 24 months | |||||||
Cantor Fitzgerald & Co | ATM Offering Agreement | Subsequent Event | ||||||||
Maximum aggregate offering price | 3,100,000 | |||||||
Registered share available for future sales | $ 2,800,000 | |||||||
URI, Inc. | Subsequent Event | PPP | ||||||||
Paycheck Protection Program | ||||||||
Loan proceeds | $ 300,000 | |||||||
Debt Instrument, Payment Terms | Under the terms of the promissory note executed by URI, principal and accrued interest are forgivable after eight weeks as long as the proceeds are used for eligible purposes. Any unforgiven portion of the loan is payable over two years at an interest rate of 1% with a deferral of payments for the first six months. | |||||||
Principal and accrued interest are forgivable, period | 56 days | |||||||
Fixed interest rate | 1.00% | |||||||
Debt term | 2 years | |||||||
Deferral of payments, period | 6 months |
NOTES RECEIVABLE (Details)
NOTES RECEIVABLE (Details) | Aug. 30, 2019tranche | Mar. 25, 2019USD ($)shares | Jan. 31, 2019USD ($)installmentshares | Jan. 31, 2018USD ($)installmentshares | Jan. 31, 2017USD ($)shares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2019shares | Dec. 31, 2019USD ($) | Jan. 05, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Number of installments | installment | 2 | 2 | ||||||||
Number of installment payments | $ 1,500,000 | $ 1,500,000 | ||||||||
Number of tranches | tranche | 3 | |||||||||
Proceeds from issuance of common stock | $ 2,471,000 | $ 415,000 | ||||||||
Loss on sale of marketable securities | $ 720,000 | |||||||||
Laramide Resources Ltd | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Promissory debt | $ 5,000,000 | |||||||||
Promissory debt | $ 5,000,000 | |||||||||
Debt instrument, term | 3 years | |||||||||
Debt interest rate | 5.00% | |||||||||
Final principal payment | $ 2,000,000 | |||||||||
Cash receipts discounted at market rate | 9.50% | |||||||||
Number of issuance of common shares | shares | 2,483,034 | 1,982,483 | 2,218,133 | |||||||
Laramide Resources Ltd | Second Note Installment | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Debt principal amount due | $ 1,500,000 | |||||||||
Amount received from sale of stock | $ 750,000 | |||||||||
Number of issuance of common shares | shares | 2,483,034 | |||||||||
Interest payments received | $ 96,022 | |||||||||
Laramide Resources Ltd | Share-based Compensation Award, Tranche Two | Warrants | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Number of issuance of common shares | shares | 2,218,133 | |||||||||
Laramide Resources Ltd | Share Based Compensation Award Tranche Third | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ 500,000 | |||||||||
Loss on sale of marketable securities | $ 700,000 | |||||||||
Laramide Resources Ltd | Share Based Compensation Award Tranche Third | Common Stock | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Number of issuance of common shares | shares | 2,483,034 | |||||||||
Laramide Resources Ltd | Share Based Compensation Award Tranche Third | Warrants | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Number of issuance of common shares | shares | 2,218,133 | |||||||||
Laramide Resources Ltd. | First Note Installment | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Debt principal amount due | $ 1,500,000 | |||||||||
Amount received from sale of stock | $ 750,000 | |||||||||
Number of issuance of common shares | shares | 1,982,483 |
SALE OF URANIUM ASSETS - Dispos
SALE OF URANIUM ASSETS - Disposal of Uranium Assets (Details) $ in Thousands | Aug. 30, 2019USD ($) | Mar. 05, 2019USD ($)item |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of Royalty interests sold | item | 4 | |
Exchange for final payment | $ 1,250 | |
Uranium assets | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Borrowings | $ 2,000 | |
Total cash consideration of disposal | 2,750 | |
Paid at signing | $ 500 | |
Cash proceed | $ 1,000 |
SALE OF URANIUM ASSETS - Gain o
SALE OF URANIUM ASSETS - Gain on disposal of uranium assets (Details) - Uranium assets $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Total cash consideration received, net of transaction costs | $ 2,470 |
Carrying value of promissory note | (1,741) |
Gain on disposal of uranium assets | $ 729 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Non-current Assets | ||
Restricted cash | $ 3,806 | $ 3,797 |
Total non-current assets recorded at fair value | 3,806 | 3,797 |
Level 1 | ||
Non-current Assets | ||
Restricted cash | 3,806 | 3,797 |
Total non-current assets recorded at fair value | $ 3,806 | $ 3,797 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Net Book Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Net property, plant and equipment | $ 20,324 | $ 20,337 |
Turkey | ||
Net property, plant and equipment | 5 | 6 |
Texas | ||
Net property, plant and equipment | 3,438 | 3,439 |
Alabama | ||
Net property, plant and equipment | 8,972 | 8,972 |
New Mexico | ||
Net property, plant and equipment | 7,806 | 7,806 |
Corporate | ||
Net property, plant and equipment | 103 | 114 |
Uranium plant | ||
Net property, plant and equipment | 3,112 | 3,112 |
Uranium plant | Texas | ||
Net property, plant and equipment | 3,112 | 3,112 |
Mineral rights and properties | ||
Net property, plant and equipment | 16,778 | 16,778 |
Mineral rights and properties | Alabama | ||
Net property, plant and equipment | 8,972 | 8,972 |
Mineral rights and properties | New Mexico | ||
Net property, plant and equipment | 7,806 | 7,806 |
Other property, plant and equipment | ||
Net property, plant and equipment | 434 | 447 |
Other property, plant and equipment | Turkey | ||
Net property, plant and equipment | 5 | 6 |
Other property, plant and equipment | Texas | ||
Net property, plant and equipment | 326 | 327 |
Other property, plant and equipment | Corporate | ||
Net property, plant and equipment | $ 103 | $ 114 |
MINERAL PROPERTY EXPENDITURES_2
MINERAL PROPERTY EXPENDITURES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Mineral property expenses | $ 728 | $ 634 |
Kingsville Dome Project, Texas | ||
Mineral property expenses | 265 | 244 |
Rosita Project, Texas | ||
Mineral property expenses | 91 | 117 |
Vasquez Project, Texas | ||
Mineral property expenses | 240 | 186 |
Total Texas Projects | ||
Mineral property expenses | 596 | 547 |
Juan Tafoya Project, New Mexico | ||
Mineral property expenses | 6 | 6 |
Total New Mexico Projects | ||
Mineral property expenses | 6 | 6 |
Sal Rica Project, Utah | ||
Mineral property expenses | 1 | |
Total Utah Projects | ||
Mineral property expenses | 1 | |
Coosa Project, Alabama | ||
Mineral property expenses | 126 | 80 |
Total Alabama Projects | ||
Mineral property expenses | $ 126 | $ 80 |
ASSET RETIREMENT OBLIGATION - S
ASSET RETIREMENT OBLIGATION - Summary of Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
ASSET RETIREMENT OBLIGATION | |||
Balance, beginning of period | $ 6,300 | $ 6,203 | $ 6,203 |
Liabilities settled | (26) | (293) | |
Accretion expense | 106 | $ 126 | 390 |
Balance, end of period | 6,380 | 6,300 | |
Less: Current portion | (1,090) | (894) | |
Non-current Portion | $ 5,290 | $ 5,406 |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Kingsville Dome Project, Texas | |
Estimated costs associated with current reclamation through March 2021 | $ 1.1 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | Apr. 28, 2020 | Apr. 13, 2020 | Aug. 06, 2019 | Jun. 06, 2019 | May 30, 2019 | Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock outstanding after the effect of reverse stock spilt conversion | 4,762,633 | 3,339,380 | |||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||
Proceeds from common stock | $ 2,471,000 | $ 415,000 | |||||||||
Subsequent Event | |||||||||||
Period for financing from common stock | 24 months | ||||||||||
Common Stock | |||||||||||
Number of common stock issued | 57,205 | ||||||||||
Common Stock | ATM Offering Agreement | |||||||||||
Proceeds from common stock | $ 1,100,000 | ||||||||||
Number of common stock sold | 540,512 | ||||||||||
Stock Purchase Agreement | Lincoln Park | |||||||||||
Number of common stock issued | 104,294 | ||||||||||
Aggregate gross proceeds from common shares and warrants | $ 550,751 | ||||||||||
Number of warrants issued for common stock | 182,515 | ||||||||||
Warrant purchase price per share | $ 5.062 | ||||||||||
Stock Purchase Agreement | Lincoln Park | Subsequent Event | |||||||||||
Maximum aggregate offering price | $ 12,000,000 | ||||||||||
PA | Lincoln Park | |||||||||||
Maximum aggregate offering price | $ 3,200,000 | $ 10,000,000 | |||||||||
Period for financing from common stock | 24 months | ||||||||||
Number of common stock issued | 2,576,764 | ||||||||||
Proceeds from common stock | $ 7,100,000 | ||||||||||
PA | Lincoln Park | Subsequent Event | |||||||||||
Number of common stock issued | 623,236 | ||||||||||
Proceeds from common stock | $ 600,000 | ||||||||||
Controlled Equity Offering Sales Agreement | Cantor Fitzgerald & Co | ATM Offering Agreement | |||||||||||
Number of common stock issued | 1,029,197 | ||||||||||
Proceeds from common stock | $ 7,200,000 | ||||||||||
Controlled Equity Offering Sales Agreement | Cantor Fitzgerald & Co | ATM Offering Agreement | Subsequent Event | |||||||||||
Net proceeds from direct offering | $ 3,100,000 | ||||||||||
Controlled Equity Offering Sales Agreement | Cantor Fitzgerald & Co | Maximum | ATM Offering Agreement | |||||||||||
Sales commission percentage | 2.50% |
COMMON STOCK - Warrants (Detail
COMMON STOCK - Warrants (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
COMMON STOCK | ||
Warrants outstanding at beginning of period | 197,622 | 15,107 |
Issued | 0 | 0 |
Expired | 0 | 0 |
Warrants outstanding at end of period | 197,622 | 15,107 |
STOCK BASED COMPENSATION - (Det
STOCK BASED COMPENSATION - (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 28, 2019 | Apr. 18, 2019 | Dec. 13, 2017 | Jul. 18, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 7,719 | ||||||
Alabama Graphite | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of replacement options outstanding | 3,312 | ||||||
Number of replacement options and warrants | 50,168 | ||||||
Replacement options and warrants shares exchange rate | $ 0.0016 | ||||||
Exercise prices for the option and warrant shares | $ 0.77809 | ||||||
Number of replacement warrants outstanding | 11,440 | ||||||
2013 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common stock shares reserved for future issuance | 45,886 | ||||||
2013 Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common stock shares reserved for future issuance | 416,278 | 350,000 | 66,000 | 20,000 | |||
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, 2020 | Mar. 31, 2019 | |
STOCK BASED COMPENSATION | ||
Number of stock options outstanding, Beginning of period | 37,786 | 19,170 |
Number of stock options outstanding, Expired | (1,217) | (280) |
Number of stock options outstanding, End of period | 36,569 | 18,890 |
Number of stock options Exercisable, End of period | 36,569 | 18,890 |
Weighted average exercise price, Beginning of period | $ 37.42 | $ 79.78 |
Weighted average exercise price, Expired | 75.95 | 179.68 |
Weighted average exercise price, End of period | 36.14 | 78.21 |
Weighted average exercise price Exercisable, End of period | $ 36.14 | $ 78.21 |
STOCK BASED COMPENSATION - Su_2
STOCK BASED COMPENSATION - Summary of Stock Options Outstanding and Exercisable by Stock Option Plan (Details) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 36,569 | 37,786 | 18,890 | 19,170 |
Outstanding Stock Options, Weighted Average Exercise Price | $ 36.14 | $ 37.42 | $ 78.21 | $ 79.78 |
Exercisable Stock Options, Number of Exercisable Stock Options | 36,569 | 18,890 | ||
Exercisable Stock Options, Weighted Average Exercise Price | $ 36.14 | $ 78.21 | ||
2004 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 96 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 1,752.25 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 96 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 1,752.25 | |||
2004 Directors Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 3 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 10,380 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 3 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 10,380 | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 33,158 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 25.47 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 33,158 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 25.47 | |||
Replacement Options - Alabama Graphite | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Stock Options, Number of Outstanding Stock Options | 3,312 | |||
Outstanding Stock Options, Weighted Average Exercise Price | $ 83.88 | |||
Exercisable Stock Options, Number of Exercisable Stock Options | 3,312 | |||
Exercisable Stock Options, Weighted Average Exercise Price | $ 83.88 |
STOCK BASED COMPENSATION - Su_3
STOCK BASED COMPENSATION - Summary of RSU Activity (Details) - Restricted Stock Units - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs, Unvested beginning of period | 2,260 | |
Number of RSUs, Granted | 0 | 0 |
Number of RSUs, Forfeited | 0 | (565) |
Number of RSUs, Vested | 0 | 0 |
Number of RSUs, Unvested end of period | 1,695 | |
Weighted Average Grant Date Fair Value, Unvested RSUs beginning of period | $ 70 | |
Weighted Average Grant Date Fair Value, Granted | $ 0 | 0 |
Weighted Average Grant Date Fair Value, Forfeited | 0 | 70 |
Weighted Average Grant Date Fair Value, Vested | $ 0 | 0 |
Weighted Average Grant Date Fair Value, Unvested RSUs end of period | $ 70 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) | 3 Months Ended |
Mar. 31, 2020shares | |
EARNINGS PER SHARE | |
Potentially dilutive shares | 234,191 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Right-of-use lease asset | $ 454 | $ 484 | |
Lease liability | $ 463 | 493 | |
Lease term using a discount rate | 9.50% | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Option to extend | 3 years | ||
Lease expense: | |||
Operating lease cost | $ 40 | $ 40 | |
Supplemental cash flow information related to leases: | |||
Operating cash flows from operating leases | 39 | 39 | |
Operating leases | 454 | 569 | 484 |
Supplemental balance sheet information related to leases: | |||
Operating lease right-of-use assets | 454 | $ 569 | 484 |
Current portion of lease liabilities | 153 | 153 | |
Operating lease liabilities - Long term portion | 310 | 340 | |
Total operating lease liabilities | $ 463 | $ 493 | |
Weighted Average Remaining Lease Term | 3 years 6 months | 4 years 4 months 24 days | |
Discount Rate | 9.50% | 9.50% | |
Minimum | |||
Lease terms | 1 year | ||
Maximum | |||
Lease terms | 3 years 6 months |
LEASES - Lease payments and Mat
LEASES - Lease payments and Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Undiscounted cash payments: | ||
2020 (remainder of year) | $ 120 | |
2021 | 161 | |
2022 | 162 | |
2023 | 93 | |
Total lease payments | 536 | |
Less imputed interest | (73) | |
Lease liability | 463 | $ 493 |
Centennial, Colorado | ||
Undiscounted cash payments: | ||
2023 | 500 | |
Total lease payments | $ 500 |
GEOGRAPHIC AND SEGMENT INFORM_3
GEOGRAPHIC AND SEGMENT INFORMATION (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable operating segment | segment | 3 | ||
Long-term assets | $ 24,584,000 | $ 24,618,000 | |
Revenues | 0 | $ 0 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Long-term assets | $ 24,600,000 | $ 24,600,000 | |
Percentage of assets (as a percent) | 100.00% |
GEOGRAPHIC AND SEGMENT INFORM_4
GEOGRAPHIC AND SEGMENT INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Long-term assets by reportable segments | |||
Net property, plant and equipment | $ 20,324 | $ 20,337 | |
Restricted cash | 3,806 | 3,797 | |
Operating lease right of use assets | 454 | 484 | |
Total long-term assets | 24,584 | 24,618 | |
Statement of Operations, Loss before taxes | |||
Mineral property expenses | 728 | $ 634 | |
General and administrative | 1,779 | 1,705 | |
Arbitration expenses | 669 | 131 | |
Accretion of asset retirement costs | 106 | 126 | 390 |
Depreciation and amortization | 13 | 23 | |
Total operating expenses | 3,295 | 2,619 | |
Loss from operations | (3,295) | (2,619) | |
Other income (loss) | 8 | (555) | |
Loss before taxes | (3,287) | (3,174) | |
Corporate | |||
Long-term assets by reportable segments | |||
Net property, plant and equipment | 103 | 114 | |
Operating lease right of use assets | 435 | 463 | |
Total long-term assets | 538 | 577 | |
Statement of Operations, Loss before taxes | |||
General and administrative | 1,189 | 1,148 | |
Arbitration expenses | 669 | 131 | |
Depreciation and amortization | 12 | 1 | |
Total operating expenses | 1,870 | 1,280 | |
Loss from operations | (1,870) | (1,280) | |
Other income (loss) | (555) | ||
Loss before taxes | (1,870) | (1,835) | |
Uranium | |||
Long-term assets by reportable segments | |||
Net property, plant and equipment | 11,249 | 11,251 | |
Restricted cash | 3,796 | 3,787 | |
Operating lease right of use assets | 19 | 21 | |
Total long-term assets | 15,064 | 15,059 | |
Statement of Operations, Loss before taxes | |||
Mineral property expenses | 602 | 553 | |
General and administrative | 426 | 392 | |
Accretion of asset retirement costs | 106 | 126 | |
Depreciation and amortization | 1 | 22 | |
Total operating expenses | 1,135 | 1,093 | |
Loss from operations | (1,135) | (1,093) | |
Other income (loss) | 8 | ||
Loss before taxes | (1,127) | (1,093) | |
Lithium | |||
Statement of Operations, Loss before taxes | |||
Mineral property expenses | 1 | ||
Total operating expenses | 1 | ||
Loss from operations | (1) | ||
Loss before taxes | (1) | ||
Graphite | |||
Long-term assets by reportable segments | |||
Net property, plant and equipment | 8,972 | 8,972 | |
Restricted cash | 10 | 10 | |
Total long-term assets | 8,982 | $ 8,982 | |
Statement of Operations, Loss before taxes | |||
Mineral property expenses | 126 | 80 | |
General and administrative | 164 | 165 | |
Total operating expenses | 290 | 245 | |
Loss from operations | (290) | (245) | |
Loss before taxes | $ (290) | $ (245) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - URI, Inc. - Subsequent Event - PPP $ in Millions | May 04, 2020USD ($) |
Paycheck Protection Program | |
Loan proceeds | $ 0.3 |
Debt Instrument, Payment Terms | Under the terms of the promissory note executed by URI, principal and accrued interest are forgivable after eight weeks as long as the proceeds are used for eligible purposes. Any unforgiven portion of the loan is payable over two years at an interest rate of 1% with a deferral of payments for the first six months. |
Principal and accrued interest are forgivable, period | 56 days |
Fixed interest rate | 1.00% |
Debt term | 2 years |
Deferral of payments, period | 6 months |