Related Party Transactions
|12 Months Ended|
Dec. 31, 2019
|Related Party Transactions|
|Note 10. Related Party Transactions||
The Company invested approximately $3.5 million in Enfission during the year ended December 31, 2019 and invested approximately $5.6 million in Enfission from Enfission’s date of inception of January 24, 2018 to December 31, 2018. The Company entered into a management and administrative services agreement with Enfission on January 25, 2018 whereby the Company provided four of its personnel to Enfission, at a rate of $100,000 per person per year, for a total charge to Enfission of $400,000 in 2018. This $400,000 amount charged to Enfission was recorded as a $200,000 reduction of general and administrative expenses and a $200,000 reduction of research and development expenses for each of the years ended December 31, 2019 and 2018.
The Company also provided research and development consulting services and management services to Enfission. The total consulting services was $0.7 million and $1.1 million for the years ended December 31, 2019 and 2018, respectively, recorded under the caption “Other income from joint venture” in the accompanying consolidated statement of operations.
As of December 31, 2019 and 2018, the total receivable due from Enfission was approximately $0.4 million and $0.1 million, respectively, which represents management and administrative services, consulting fees and reimbursable expenses Lightbridge charged to Enfission.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef