Lightbridge Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivable -Project Revenue and Reimbursable Project Costs

Accounts Receivable -Project Revenue and Reimbursable Project Costs	9 Months Ended
Sep. 30, 2014
Accounts Receivable -Project Revenue and Reimbursable Project Costs [Text Block]	Note 3. Accounts Receivable – Project Revenue and Reimbursable Project Costs FANR Projects The total accounts receivable from the ENEC and FANR contracts was approximately $0.1 million and $0.4 million at September 30, 2014 and December 31, 2013. These amounts due from FANR represent approximately 37% of the accounts receivable reported at September 30, 2014, and substantially all of the accounts receivable at December 31, 2013. Approximately 74% and 100% of the total revenues reported for the nine months ended September 30, 2014 and 2013, respectively, were from the ENEC and FANR contracts. One other contract, outside of the Middle East, constituted 20% of the total revenues reported for the nine months ended September 30, 2014. Total unbilled accounts receivable of approximately $0.1 million was included in the accompanying consolidated balance sheets and reported in accounts receivable at September 30, 2014 and December 31, 2013, and is for work that was billed to our clients in October 2014 and January 2014, respectively. Foreign currency transaction exchange losses and translation gains and losses for the three months and nine months ended September 30, 2014 and 2013, were not significant. Travel costs and other reimbursable costs under these contracts are reported in the accompanying statement of operations as both revenue and cost of consulting services provided, and totaled approximately $0.1 million for the three month and nine month periods ended September 30, 2014 and 2013. The total travel and other reimbursable expenses that have not been reimbursed to us and are included in total accounts receivable reported above from our consulting contracts were not significant at September 30, 2014 and December 31, 2013. Under our agreements with ENEC and FANR, revenue will be recognized on a time and expense basis. We periodically discuss our consulting work with ENEC and FANR, who will review the work we perform, and our reimbursable travel expenses, and accept our monthly invoicing for services and reimbursable expenses. We expect the variation of revenue we earn from these contracts to continue.

Accounts Receivable -Project Revenue and Reimbursable Project Costs

9 Months Ended

Sep. 30, 2014

Accounts Receivable -Project Revenue and Reimbursable Project Costs [Text Block]

Note 3. Accounts Receivable – Project Revenue and Reimbursable Project Costs

FANR Projects

The total accounts receivable from the ENEC and FANR contracts was approximately $0.1 million and $0.4 million at September 30, 2014 and December 31, 2013. These amounts due from FANR represent approximately 37% of the accounts receivable reported at September 30, 2014, and substantially all of the accounts receivable at December 31, 2013. Approximately 74% and 100% of the total revenues reported for the nine months ended September 30, 2014 and 2013, respectively, were from the ENEC and FANR contracts. One other contract, outside of the Middle East, constituted 20% of the total revenues reported for the nine months ended September 30, 2014.

Total unbilled accounts receivable of approximately $0.1 million was included in the accompanying consolidated balance sheets and reported in accounts receivable at September 30, 2014 and December 31, 2013, and is for work that was billed to our clients in October 2014 and January 2014, respectively. Foreign currency transaction exchange losses and translation gains and losses for the three months and nine months ended September 30, 2014 and 2013, were not significant.

Travel costs and other reimbursable costs under these contracts are reported in the accompanying statement of operations as both revenue and cost of consulting services provided, and totaled approximately $0.1 million for the three month and nine month periods ended September 30, 2014 and 2013. The total travel and other reimbursable expenses that have not been reimbursed to us and are included in total accounts receivable reported above from our consulting contracts were not significant at September 30, 2014 and December 31, 2013.

Under our agreements with ENEC and FANR, revenue will be recognized on a time and expense basis. We periodically discuss our consulting work with ENEC and FANR, who will review the work we perform, and our reimbursable travel expenses, and accept our monthly invoicing for services and reimbursable expenses. We expect the variation of revenue we earn from these contracts to continue.