|
·
|
Completion
of a preliminary analysis for a VVER-1000 fuel assembly design for an
18-month fuel cycle;
|
|
·
|
A
strategic agreement with SOSNY, the Company’s prime contractor in Russia
to manage the research and development activities related to the lead test
assembly ("LTA") program for Russian-designed VVER-1000
reactors;
|
|
·
|
Continued
expansion of work with AREVA on fuel
design;
|
|
·
|
An
S-3 Shelf Registration Statement with the SEC to provide future capital
raising flexibility;
|
|
·
|
Listing
of the Company’s common shares on the NASDAQ Capital Market and completion
of a 1-for-30 reverse stock split;
|
|
·
|
Effective
March 21, 2010, Lightbridge will be added to the World Nuclear
Association’s (WNA) Nuclear Energy Index; the WNA Nuclear Energy Index is
a capitalization–weighted, float–adjusted index of the most prominent
nuclear energy stocks in the world;
|
|
·
|
Received
an unqualified opinion on the Company’s Sarbanes Oxley
compliance for internal controls over financial
reporting;
|
|
·
|
Recent
introduction of the Thorium Energy Security Act of 2010, presented by Sen.
Orin G. Hatch (R-Utah) and Harry Reid (D-Nev.), to accelerate the use of
thorium-based nuclear fuel in existing and future international
reactors
|
Year
Ended
|
Year
Ended
|
|||||||
31-Dec-09
|
31-Dec-08
|
|||||||
GAAP
Net Income (Loss)
|
$
|
(7233)
|
$
|
(2859)
|
||||
Adjustments:
|
||||||||
Expense
- non-cash employee compensation
|
4,849
|
6,546
|
||||||
Expense
- depreciation
|
25
|
25
|
||||||
Adjusted
Net Income (Loss)
|
$
|
(2,359)
|
$
|
3,712
|
December
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 3,028,791 | $ | 5,580,244 | ||||
Restricted
cash
|
652,174 | 650,000 | ||||||
Accounts
receivable - project revenue and reimbursable
project costs
|
2,421,088 | 5,357,804 | ||||||
Prepaid
expenses & other current assets
|
574,095 | 394,315 | ||||||
Total
Current Assets
|
6,676,148 | 11,982,363 | ||||||
Property
Plant and Equipment -net
|
97,559 | 108,121 | ||||||
Other
Assets
|
||||||||
Patent
costs
|
241,845 | 217,875 | ||||||
Security
deposits
|
120,486 | 138,418 | ||||||
Total
Other Assets
|
362,331 | 356,293 | ||||||
Total
Assets
|
$ | 7,136,038 | $ | 12,446,777 | ||||
LIABILITIES
AND STOCKHOLDERS EQUITY
|
||||||||
Current
Liabilities
|
||||||||
Accounts
payable and accrued liabilities
|
$ | 2,162,221 | $ | 5,138,979 | ||||
Total
Liabilities
|
2,162,221 | 5,138,979 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
Equity
|
||||||||
Preferred
stock, $0.001 par value, 50,000,000 authorized shares, no shares issued
and outstanding
|
- | - | ||||||
Common
stock, $0.001par value, 500,000,000 authorized,
10,168,412 shares issued and outstanding at December
31, 2009 and 10,049,769 shares (restated for reverse stock split of 1 for
30, prior to reverse stock split was 301, 493,084 shares issued and
outstanding at December 31, 2008)
|
10,168 | 10,050 | ||||||
Additional
paid in capital - stock and stock equivalents
|
54,108,685 | 48,898,894 | ||||||
Accumulated
Deficit
|
(48,723,286 | ) | (41,489,974 | ) | ||||
Common
stock reserved for issuance, 5,721 shares and 16,135 shares (restated for
reverse stock split of 1 to 30, prior to reverse stock split was 484,055
shares) at December 31, 2009 and 2008,
respectively
|
34,750 | 114,787 | ||||||
Deferred
stock compensation
|
(456,500 | ) | (225,959 | ) | ||||
Total
Stockholders' Equity
|
4,973,817 | 7,307,798 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 7,136,038 | $ | 12,446,777 |
Three
Months Ended
|
Years
Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenue:
|
||||||||||||||||
Consulting
Revenue
|
$ | 2,132,292 | $ | 7,356,780 | $ | 10,516,378 | $ | 22,219,905 | ||||||||
Cost
of Consulting Services Provided
|
1,301,130 | 5,841,848 | 6,228,046 | 11,088,723 | ||||||||||||
Gross
Margin
|
831,162 | 1,514,932 | 4,288,332 | 11,131,182 | ||||||||||||
Operating
Expenses
|
||||||||||||||||
General
and administrative
|
2,604,601 | 2,840,112 | 9,896,027 | 12,608,000 | ||||||||||||
Research
and development expenses
|
294,247 | 1,068,366 | 1,632,208 | 1,565,594 | ||||||||||||
Total
Operating Expenses
|
2,898,848 | 3,908,478 | 11,528,235 | 14,173,594 | ||||||||||||
Operating
loss
|
(2,067,686 | ) | (2,393,546 | ) | (7,239,903 | ) | (3,042,412 | ) | ||||||||
Other
Income and (Expenses)
|
||||||||||||||||
Interest
income
|
705 | 600 | 22,422 | 162,893 | ||||||||||||
Other
|
(9,997 | ) | - | (15,831 | ) | 0 | ||||||||||
Realized
gain (loss) on marketable securities
|
- | 468,893 | - | 30,143 | ||||||||||||
Total
Other Income and Expenses
|
(9,292 | ) | 469,493 | 6,591 | 193,036 | |||||||||||
Net loss
before income taxes
|
(2,076,978 | ) | (1,924,053 | ) | (7,233,312 | ) | (2,849,376 | ) | ||||||||
Income
taxes
|
- | 2,886 | 0 | 10,026 | ||||||||||||
Net loss
|
$ | (2,076,978 | ) | $ | (1,926,939 | ) | $ | (7,233,312 | ) | $ | (2,859,402 | ) | ||||
Net
Loss Per Common Share, Basic and diluted
|
$ | (0.20 | ) | $ | (0.19 | ) | $ | (0.72 | ) | $ | (0.29 | ) | ||||
Weighted
Average Number of shares outstanding for the period used to compute per
share data - (prior reporting periods restated to reflect 1 for 30 reverse
stock split)
|
10,158,968 | 10,046,615 | 10,021,429 | 10,002,364 |
Years
Ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Operating
Activities:
|
||||||||
Net
Loss
|
$ | (7,233,312 | ) | $ | (2,859,402 | ) | ||
Adjustments
to reconcile net loss from operations to net cash used in operating
activities:
|
||||||||
Stock
based compensation
|
4,848,987 | 6,546,493 | ||||||
Depreciation
and amortization
|
25,482 | 24,668 | ||||||
Gain
on marketable securities - available for sale
|
0 | (30,143 | ) | |||||
Changes
in non-cash operating working capital items:
|
||||||||
Accounts
receivable - fees and reimbursable project costs
|
2,936,716 | (5,357,804 | ) | |||||
Prepaid
expenses and other current assets
|
(179,780 | ) | (190,280 | ) | ||||
Security
deposits
|
17,932 | (136,369 | ) | |||||
Accounts
payable, accrued liabilities and other current liabilities
|
(2,976,758 | ) | 1,809,455 | |||||
Deferred
revenue
|
0 | (3,793,125 | ) | |||||
Deferred
project costs - net
|
0 | 371,631 | ||||||
Net
Cash Used In Operating Activities
|
(2,560,733 | ) | (3,614,876 | ) | ||||
Investing
Activities:
|
||||||||
Property
and equipment
|
(14,920 | ) | (102,113 | ) | ||||
Patent
costs
|
(23,970 | ) | 0 | |||||
Net
Cash Used In Investing Activities
|
(38,890 | ) | (102,113 | ) | ||||
Financing
Activities:
|
||||||||
Proceeds
from issue of common shares
|
50,344 | 49,975 | ||||||
Payments
on notes payable and other
|
0 | (10,433 | ) | |||||
Increase
in restricted cash
|
(2,174 | ) | (650,000 | ) | ||||
Net
Cash Provided by (Used In) Financing Activities
|
48,170 | (610,458 | ) | |||||
Net
Decrease In Cash and Cash Equivalents
|
(2,551,453 | ) | (4,327,447 | ) | ||||
Cash
and Cash Equivalents, Beginning of Year
|
5,580,244 | 9,907,691 | ||||||
Cash
and Cash Equivalents, End of Year
|
$ | 3,028,791 | $ | 5,580,244 | ||||
Supplemental
Disclosure of Cash Flow Information
|
||||||||
Cash
paid during the year:
|
||||||||
Interest
paid
|
$ | 0 | $ | 0 | ||||
Income
taxes paid
|
$ | 0 | $ | 10,026 |