Note 14. Subsequent Events

In 2016 we sold 2.1 million common shares for total gross proceeds of approximately $1.2 million through the equity line financing arrangement with Aspire Capital that we have in place (See Note 11 – Stockholders’ Equity).

On March 14, 2016, we entered into a joint development agreement (“JD”) with AREVA NP (“Areva”) to develop a joint business plan to evaluate the technical, economic, and strategic feasibility and desirability of the parties’ forming one or more joint venture companies to further develop, manufacture, and commercialize the Company’s metallic nuclear fuel technology. The JD agreement includes a statement of work whereby the Company is expected to pay a total of approximately $141,000 toward the total cost of work to be performed as part of the Joint Evaluation Project Plan by placing a work release or purchase order with Areva. The total amount is due and payable by the Company as follows: 40% of the total amount due upon the effective date of the signing of the JD; 30% of the total amount due upon the delivery of an intermediate report by Areva and the remaining 30% due upon the delivery of the final report to the Company.