“We are in the final stage of negotiations to begin work with
“The growing importance of energy security throughout the world has led to growing momentum for nuclear power. Nuclear plants that were to be decommissioned are having their operating licenses extended, and countries that were moving away from nuclear are now reversing course. Locally in
Financial Highlights
The Company maintained a strong working capital position at
Cash Flows Summary
- Cash and cash equivalents were
$31.3 million atSeptember 30, 2022 , compared to$24 .7 million atDecember 31, 2021 , an increase of$6.6 million in cash and cash equivalents. - Cash used in operating activities decreased by
$4.7 million for the nine months endedSeptember 30, 2022 compared to the nine months endedSeptember 30, 2021 , from$8.8 million to$4.1 million . This decrease was due primarily to the arbitration settlement payment of$4.2 million in 2021 and the changes in working capital accounts. - Cash provided by financing activities increased by
$7.2 million for the nine months endedSeptember 30, 2022 , compared to the nine months endedSeptember 30, 2021 , primarily due to the increase in the net proceeds from the issuance of common stock in 2022, which totaled$10.6 million for the nine months endedSeptember 30, 2022 , as compared to$3.4 million net proceeds for the nine months endedSeptember 30, 2021 .
Balance Sheet Summary
- Total assets were
$31.7 million and total liabilities were$1.2 million atSeptember 30, 2022 . Working capital was$30.4 million atSeptember 30, 2022 , versus$24 .7 million atDecember 31, 2021 . This increase of$5.7 million in working capital was due primarily to the factors stated above in the cash flow summary. - Stockholders’ equity was
$30.5 million atSeptember 30, 2022 , as compared to$24.8 million atDecember 31, 2021 .
Operations Summary
- General and administrative expenses increased by
$0.2 million for the three months endedSeptember 30, 2022 , as compared to the three months endedSeptember 30, 2021 . This increase was primarily due to an increase in stock-based compensation expenses of$0.1 million , an increase in directors’ fees, employee compensation, and employee benefits of$0.1 million . - Lightbridge’s total corporate research and development expenses decreased by
$0.2 million for the three months endedSeptember 30, 2022 , as compared to the three months endedSeptember 30, 2021 . This decrease was primarily due to a decrease in consulting expenses and outside R&D expenses. - There was contributed services - research and development from the GAIN program of
$0.1 million and$0.3 million for the three months endedSeptember 30, 2022 , andSeptember 30, 2021 , respectively, which resulted in a charge to R&D expenses and a corresponding amount recorded to contributed services - research and development. - There was an increase in other income of
$0.1 million due to the interest income generated from the purchase of treasury bills and from our bank savings account for the three months endedSeptember 30, 2022 , as compared to the three months endedSeptember 30, 2021 . - Net loss for the three months ended
September 30, 2022 , was$2.0 million compared to$1.9 million for the three months endedSeptember 30, 2021 .
THIRD QUARTER CONFERENCE CALL & WEBCAST
Interested parties can access the conference call on the Company’s website via the webcast at https://edge.media-server.com/mmc/p/ytsa6szw
To access the conference call by phone, please register at https://register.vevent.com/register/BI23013e43be934f81b21fa5494c99075b
The conference call will be led by
The webcast will be archived on the Company’s website approximately two hours following the call.
About Lightbridge Corporation
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Forward-Looking Statements
With the exception of historical matters, the matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and outcome of research and development activities, other steps to commercialize Lightbridge Fuel™ and future governmental support and funding for nuclear energy. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: the Company’s ability to commercialize its nuclear fuel technology; the degree of market adoption of the Company's product and service offerings; the Company’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors, including small modular reactors; the Company's ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in the Company’s fuel development timeline; the increased costs associated with metallization of our nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people, economies, and the Company’s ability to access capital markets; risks associated with war in
A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended
Investor Relations Contact:
Director of Investor Relations
Tel: +1 (646) 828-8710
ir@ltbridge.com
*** tables follow ***
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
2022 | 2021 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 31,284,501 | $ | 24,747,613 | ||||
Prepaid expenses and other current assets | 305,919 | 113,452 | ||||||
Total Current Assets | 31,590,420 | 24,861,065 | ||||||
Other Assets | ||||||||
Trademarks | 107,757 | 101,583 | ||||||
Total Assets | $ | 31,698,177 | $ | 24,962,648 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 1,190,386 | $ | 171,521 | ||||
Total Current Liabilities | 1,190,386 | 171,521 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 11,540 | 9,759 | ||||||
Additional paid-in capital | 173,077,225 | 161,772,641 | ||||||
Accumulated deficit | (142,580,974 | ) | (136,991,273 | ) | ||||
Total Stockholders' Equity | 30,507,791 | 24,791,127 | ||||||
Total Liabilities and Stockholders' Equity | $ | 31,698,177 | $ | 24,962,648 | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | Nine Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | ||||||||
Operating Expenses | ||||||||||||||||
General and administrative | 2,023,937 | 1,763,060 | 5,377,185 | 5,061,820 | ||||||||||||
Research and development | 172,871 | 439,630 | 601,170 | 1,082,394 | ||||||||||||
Total Operating Expenses | 2,196,808 | 2,202,690 | 5,978,355 | 6,144,214 | ||||||||||||
Other Operating Income | ||||||||||||||||
Distribution from joint venture | — | — | — | 110,000 | ||||||||||||
Contributed services - research and development | 71,335 | 288,884 | 278,189 | 459,997 | ||||||||||||
Total Other Operating Income | 71,335 | 288,884 | 278,189 | 569,997 | ||||||||||||
Operating Loss | (2,125,473 | ) | (1,913,806 | ) | (5,700,166 | ) | (5,574,217 | ) | ||||||||
Other Income | ||||||||||||||||
Interest income | 87,943 | 1,551 | 110,465 | 6,183 | ||||||||||||
Foreign currency transaction gain | — | — | — | 33,694 | ||||||||||||
Total Other Income | 87,943 | 1,551 | 110,465 | 39,877 | ||||||||||||
Net Loss Before Income Taxes | (2,037,530 | ) | (1,912,255 | ) | (5,589,701 | ) | (5,534,340 | ) | ||||||||
Income taxes | — | — | — | — | ||||||||||||
Net Loss | $ | (2,037,530 | ) | $ | (1,912,255 | ) | $ | (5,589,701 | ) | $ | (5,534,340 | ) | ||||
Accumulated preferred stock dividend | — | (135,091 | ) | — | (399,838 | ) | ||||||||||
Deemed additional dividend on preferred stock dividend due to the beneficial conversion feature | — | (59,314 | ) | — | (175,211 | ) | ||||||||||
Net Loss Attributable to Common Stockholders | $ | (2,037,530 | ) | $ | (2,106,660 | ) | $ | (5,589,701 | ) | $ | (6,109,389 | ) | ||||
Net Loss Per Common Share, Basic and Diluted | $ | (0.18 | ) | $ | (0.31 | ) | $ | (0.53 | ) | $ | (0.92 | ) | ||||
Weighted Average Number of Common Shares Outstanding | 11,085,657 | 6,759,662 | 10,633,664 | 6,648,803 | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended | ||||||||
2022 | 2021 | |||||||
Operating Activities | ||||||||
Net loss | $ | (5,589,701 | ) | $ | (5,534,340 | ) | ||
Adjustments to reconcile net loss from operations to net cash used in operating activities | ||||||||
Common stock issued for services | 30,000 | 45,000 | ||||||
Stock-based compensation | 614,367 | 300,583 | ||||||
Changes in operating working capital items | ||||||||
Other receivables | — | (110,000 | ) | |||||
Prepaid expenses and other current assets | (192,467 | ) | (74,751 | ) | ||||
Accounts payable and accrued liabilities | 1,033,865 | 780,425 | ||||||
Accrued legal settlement costs | — | (4,200,000 | ) | |||||
(4,103,936 | ) | (8,793,083 | ) | |||||
Investing Activities | ||||||||
Trademarks | (6,174 | ) | (16,021 | ) | ||||
(6,174 | ) | (16,021 | ) | |||||
Financing Activities | ||||||||
Net proceeds from issuances of common stock and exercise of stock options | 10,646,998 | 3,411,091 | ||||||
Net Cash Provided by Financing Activities | 10,646,998 | 3,411,091 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 6,536,888 | (5,398,013 | ) | |||||
Cash and Cash Equivalents, Beginning of Period | 24,747,613 | 21,531,665 | ||||||
Cash and Cash Equivalents, End of Period | $ | 31,284,501 | 16,133,652 | |||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid during the period | ||||||||
Interest paid | $ | — | $ | — | ||||
Income taxes paid | $ | — | $ | — | ||||
Non-Cash Financing Activities | ||||||||
Accumulated preferred stock dividend | $ | — | $ | 575,049 | ||||
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder | $ | — | $ | 39,885 | ||||
Payment of accrued liabilities with common stock | $ | 15,000 | $ | 69,690 |
Source:
2022 GlobeNewswire, Inc., source