What changed in this filing

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Item 1. Financial Statements

2022-07-28 compared with 2022-05-12 · 133 added, 79 removed, 388 unchanged (35% of the section changed)

12 unchanged sentences

Stockholders' Equity

Preferred stock, $ 0.001 par value, 10,000,000 authorized shares

Common stock, $ 0.001 par value, 13,500,000 authorized, 10,588,674 shares and 9,759,223 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

Preferred stock, $ 0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at June 30, 2022 and December 31, 2021

Common stock, $ 0.001 par value, 13,500,000 shares authorized, 11,009,000 shares and 9,759,223 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

7 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Month Ended

Three Months Ended

Six Months Ended

Operating Expenses

3 unchanged sentences

Other Operating Income

Distribution from joint venture

Contributed services - research and development

Total Other Operating Income

Total Operating Loss

Operating Loss

( 1,521,659 )

( 1,611,419 )

( 3,574,693 )

( 3,660,410 )

Interest income

6 unchanged sentences

( 3,622,085 )

$ ( 1,502,642 )

$ ( 1,610,097 )

$ ( 3,552,171 )

$ ( 3,622,085 )

Accumulated preferred stock dividend

Additional deemed dividend on preferred stock due to the beneficial conversion feature

Net Loss Attributable to Common Shareholders

Net Loss Attributable to Common Stockholders

$ ( 1,502,642 )

$ ( 1,801,818 )

$ ( 3,552,171 )

$ ( 4,002,729 )

Net Loss Per Common Share

Basic and Diluted

Weighted Average Number of Common Shares Outstanding – Basic and diluted

Weighted Average Number of Common Shares Outstanding

Basic and Diluted

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

1 unchanged sentence

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Month Ended

Six Months Ended

Operating Activities

2 unchanged sentences

Adjustments to reconcile net loss from operations to net cash used in operating activities:

Common stock issued for services

Stock-based compensation

Changes in operating working capital items:

Other receivables

Prepaid expenses and other current assets

8 unchanged sentences

Financing Activities

Net proceeds from the issuances of common stock

Net proceeds from issuances of common stock

Net Cash Provided by Financing Activities

9 unchanged sentences

Accumulated preferred stock dividend

Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder

Payment of accrued liabilities with common stock

2 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

Preferred Stock

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND JUNE 30, 2021

Balance – January 1, 2022

1 unchanged sentence

$ ( 136,991,273 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant & directors for services

6 unchanged sentences

$ ( 139,040,802 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant for services

Stock-based compensation

Net loss for the three months ended June 30, 2022

( 1,502,642 )

Balance – June 30, 2022

$ 169,834,944

$ ( 140,543,444 )

LIGHTBRIDGE CORPORAT ION

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND JUNE 30, 2021

Preferred Stock

3 unchanged sentences

$ ( 129,155,608 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant & directors for services

6 unchanged sentences

$ ( 131,167,596 )

Conversion of 16,026 preferred shares to 1,846 common shares

Shares issued to consultant for services

Stock-based compensation

Net loss for the three months ended June 30, 2021

( 1,610,097 )

Balance – June 30, 2021

$ 146,684,313

$ ( 132,777,693 )

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5 unchanged sentences

Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America, including a summary of the Company’s significant accounting policies, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive condensed consolidated financial statements and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2021, included in our Annual Report on Form 10-K for the year ended December 31, 2021.

In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three-month period have been made.

In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three and six-month periods have been made.

Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year.

6 unchanged sentences

Going Concern, Liquidity and Management’s Plan

The Company’s available working capital at March 31, 2022 and as of the date of this filing, exceeds its currently anticipated expenditures through the first quarter of 2023.

The Company’s available working capital at June 30, 2022 and as of the date of this filing, exceeds its currently anticipated expenditures through the second quarter of 2023.

However, there are inherent uncertainties in forecasting future expenditures, especially forecasting for uncertainties such as future research and development (R&D) costs and other cash outflows, as well as how the COVID-19 outbreak, including the emergence and spread of variant strains of the virus, may affect future costs and operations.

Also, the cash requirements of the Company’s future planned operations to commercialize its nuclear fuel, including any additional expenditures that may result from unexpected developments, will require it to raise significant additional capital, including receiving government support.

These uncertainties include the projected fuel development timeline of 15 - 20 years to fuel commercialization, the operational costs required to keep the fuel development project on schedule and the various risks of developing and commercializing the Company’s nuclear fuel.

These uncertainties include the Company’s projected fuel development timeline of up to 15 - 20 years to fuel commercialization, the operational costs required to keep the fuel development project on schedule and the various risks of developing and commercializing the Company’s nuclear fuel.

These uncertainties, when combined, raise substantial doubt about the Company’s ability to continue as a going concern for the 12 months following the date of this filing.

2 unchanged sentences

To the extent any uncertainties reduce the Company’s liquidity for the next 12 months, the Company will consider, if available, additional debt or equity raises and delaying certain expenditures, including R&D expenses, until sufficient capital becomes available.

At March 31, 2022, the Company had approximately $ 28.2 million in cash and had a working capital surplus of approximately $ 28.3 million.

The Company’s net cash used in operating activities for the three months ended March 31, 2022 was approximately $ 1.9 million, and current projections indicate that the Company will have continued negative cash flows from operations for the foreseeable future.

Net losses incurred for the three months ended March 31, 2022 and 2021 amounted to approximately $ 2.0 million for each period.

As of March 31, 2022, the Company had an accumulated deficit of approximately $139.0 million, representative of recurring losses since inception.

At June 30, 2022, the Company had $ 29.3 million in cash and had a working capital surplus of $ 29.2 million.

The Company’s net cash used in operating activities for the six months ended June 30, 2022 was $ 3.1 million, and current projections indicate that the Company will have continued negative cash flows from operations for the foreseeable future.

Net losses incurred for the six months ended June 30, 2022 and 2021 amounted to $ 3.6 million for each period.

As of June 30, 2022, the Company had an accumulated deficit of $ 140.5 million, representative of recurring losses since inception.

The Company will continue to incur losses because it is in the early research and development stage of developing its nuclear fuel.

6 unchanged sentences

Due to the offering limitations applicable under General Instruction I.B.6.

of Form S-3 and the market valuation of our future public float, we may be limited on the amount of funding available under this Form S-3 shelf registration statement in the future.

of Form S-3 and the market valuation of our future public float, the Company may be limited on the amount of funding available under this Form S-3 shelf registration statement in the future.

There can be no assurance as to the future availability of equity capital or the acceptability of the terms upon which financing and capital might become available.

23 unchanged sentences

Quoted market prices were applied to determine the fair value of U.S.

Treasury Bill investments, therefore they were categorized as Level 1 on the fair value hierarchy.

Treasury Bill investments;

therefore they were categorized as Level 1 on the fair value hierarchy.

The Company buys and holds short-term U.S.

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Treasury Bills to maturity.

Treasury Bills totaled $ 9.0 million at March 31, 2022 and December 31, 2021.

The remaining $ 19.2 million and $ 15.7 million at March 31, 2022 and December 31, 2021, respectively, are on deposit with one notable financial institution.

Treasury Bills held by the Company totaled $ 14.0 million and $ 9.0 million at June 30, 2022 and December 31, 2021, respectively.

The remaining cash balances of $ 15.3 million and $ 15.7 million at June 30, 2022 and December 31, 2021, respectively, are on deposit with one prominent financial institution.

Contributed Services - Research and Development

The Company was awarded a grant from the United States Department of Energy (DOE) which represented contributed services to further the Company’s R&D activities.

The Company was awarded a grant in 2019 and a second grant in 2021 from the United States Department of Energy (DOE) which represented contributed services to further the Company’s R&D activities.

The Company concluded that its government grants were not within the scope of the revenue recognition standard ASC Topic 606 as they did not meet the definition of a contract with a customer.

5 unchanged sentences

The principal market used to arrive at fair value is the market in which the Company operates.

The Company recognized contributed services – research and development of approximately $ 0.1 million for each of the three months ended March 31, 2022 and 2021.

The Company recognized contributed services - research and development of $ 0.1 million and $ 0.2 million for the three months and six months ended June 30, 2022 and the three months and six months ended June 30, 2021.

Costs for filing and legal fees for trademark applications are capitalized.

Trademarks are considered intangible assets with an indefinite useful life and therefore are not amortized.

The Company performed an impairment test in the fourth quarter of 2021 and 2020 and no impairment of the trademarks was identified.

As of March 31, 2022 and December 31, 2021, the carrying value of trademarks was $ 0.1 million.

The Company performed an impairment test in the fourth quarter of 2021 and no impairment of the trademarks was identified.

As of June 30, 2022 and December 31, 2021, the carrying value of trademarks was $ 0.1 million.

In accordance with ASU 2016-02, Leases (Topic 842) , which requires recognition of most lease arrangements on the balance sheet, the Company recognizes operating lease right of use assets and liabilities at commencement date based on the present value of the future minimum lease payments over the lease term.

Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet in accordance with the short-term lease recognition exemption.

The Company applies the practical expedient to non-separate and non-lease components for all leases that qualify.

The Company applies the practical expedient to not separate lease and non-lease components for all leases that qualify.

Lease expense is recognized on a straight-line basis over the lease term.

5 unchanged sentences

Warrant instruments that could potentially require “net cash settlement” in the absence of explicit language precluding such settlement are initially classified as derivative liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash.

All outstanding warrants expired on May 16, 2022.

Stock-Based Compensation

17 unchanged sentences

As a result, the actual number of shares issued are fewer than the actual number of shares exercised under the stock option or on the dates of vesting of Restricted Stock Unit (RSU) grants.

A Restricted Stock Award (“RSA”) is an award of our shares that have full voting rights and dividend rights (with dividends paid upon vesting of the RSA), but are restricted with regard to sale or transfer before vesting.

The Company grants two types of Restricted Stock Awards (“RSAs”).

The first type is an award of our shares that have full voting rights and dividend rights (with dividends paid upon vesting of the RSA) but are restricted with regard to sale or transfer before vesting.

As such, they are shown as shares issued and outstanding.

3 unchanged sentences

The consolidated statement of changes in stockholders’ equity shows the initial grant of RSAs as a reclassification from additional paid-in capital to common stock, with any compensation expense related to the RSAs included in stock-based compensation.

Other RSAs have only performance conditions.

These other RSAs do not have voting and dividend rights until they vest as ordinary common shares and are not included in common stock issued and outstanding.

The second type of RSAs granted by the Company have only performance conditions.

These RSAs do not have voting and dividend rights until they vest as ordinary common shares and are not included in common stock issued and outstanding.

Recent Accounting Pronouncements

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance .

This ASU requires disclosures that are expected to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the nature of the transactions and the form in which assistance has been received, (2) the accounting policy applied, and (3) the balance sheet and income statement line items that are affected by the transactions, and the amounts applicable to each financial statement line item.

This ASU is effective for annual periods beginning after December 15, 2021, with early adoption permitted.

The adoption of this standard did not materially impact the Company’s consolidated financial statements in 2022.

In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the complexity associated with applying U.S.

14 unchanged sentences

In estimating the allowance for expected credit losses, consideration will be given to the current aging of receivables, historical experience, and a review for potential bad debts.

The Company will adopt this guidance in the first quarter of fiscal 2023 and does not expect the adoption to have an impact on its results of operations, financial position, and disclosures.

The Company will adopt this guidance in the first quarter of fiscal 2023 and does not expect the adoption to have a material impact on its results of operations, financial position, and disclosures.

Net Loss Per Share

5 unchanged sentences

The treasury stock method is used in calculating diluted EPS for potentially dilutive stock options and share purchase warrants, which assumes that any proceeds received from the exercise of in-the-money stock options and share purchase warrants would be used to purchase common shares at the average market price for the period, unless including the effects of these potentially dilutive securities would be anti-dilutive.

The following table sets forth the computation of the basic and diluted loss per share (dollars in millions, except share data):

The following table sets forth the computation of the basic and diluted loss per share (dollars in millions, except per share data):

Three Months Ended

Six Months Ended

Net loss attributable to common stockholders

6 unchanged sentences

Potential common share issuances:

Incremental dilutive shares from equity instruments (treasury stock method)

Weighted-average common shares outstanding

Diluted net loss per share

The following outstanding securities have been excluded from the computation of diluted weighted shares outstanding for the periods noted below, as they would have been anti-dilutive due to the Company’s losses for the three months ended March 31, 2022 and 2021 and also because the exercise price of certain of these outstanding securities was greater than the average closing price of the Company’s common stock.

Three Months Ended

The following outstanding securities have been excluded from the computation of diluted weighted shares outstanding for the periods noted below, as they would have been anti-dilutive due to the Company's losses for the three and six months ended June 30, 2022 and 2021 and because the exercise price of certain of these outstanding securities was greater than the average closing price of the Company's common stock:

Three and Six Months Ended

Warrants outstanding

5 unchanged sentences

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (rounded in millions):

Accounts payable and accrued liabilities consisted of the following (dollars in millions):

Trade payables

Accrued legal and consulting expenses

Accrued bonus

Accrued bonuses

Commitments and Contingencies

1 unchanged sentence

The Company leased office space for a 12 -month term from January 1, 2022 through December 31, 2022 with a monthly payment of approximately $ 8,000 .

The future minimum lease payments required under the non-cancellable operating leases for 2022 total approximately $ 0.1 million.

Total rent expense for the three months ended March 31, 2022 and 2021 was approximately $ 24,000 and $ 30,000 , respectively.

The future minimum lease payments required under the non-cancellable operating leases for 2022 total approximately $ 47,000 .

Total rent expense for the three and six months ended June 30, 2022 was approximately $ 23,000 and $ 47,000 , respectively.

Total rent expense for the three and six months ended June 30, 2021 was approximately $ 31,000 and $ 62,000 , respectively.

Research and Development Costs

5 unchanged sentences

All work was completed on this GAIN voucher in the third quarter of 2021.

The experiment design will form the basis of the Company’s current and future efforts with the INL.

All work was completed in 2021 that caused the DOE to incur its payment obligations to Battelle, related to the GAIN voucher.

The Company has no payment obligations related to the GAIN voucher.

This experiment design forms the basis of the Company’s current and future efforts with the INL.

The Company had no cash payment obligations related to the GAIN voucher, but did provide in-kind services consisting of project management, quality assurance, and technical oversight under the CRADA.

The DOE incurred payment obligations to Battelle, related to the work done under the GAIN voucher.

As of December 31, 2021, the total final project amount recorded as contributed services - research and development was approximately $ 0.5 million.

During the three months ended March 31, 2021, the Company recorded approximately $ 0.1 million of contributed services – research and development for work that was completed that caused the DOE to incur payment obligations related to the GAIN voucher.

During the three and six months ended June 30, 2021, the Company recorded approximately $ 0.1 million and $ 0.2 million of contributed services - research and development for the work that was completed by Battelle.

On March 25, 2021, the Company was awarded a second voucher from the DOE’s GAIN program to support development of Lightbridge Fuel™ in collaboration with the Pacific Northwest National Laboratory (PNNL).

The scope of the project is to demonstrate Lightbridge’s nuclear fuel casting process using depleted uranium, a key step in the manufacture of Lightbridge Fuel™.

The scope of this project is to demonstrate Lightbridge’s nuclear fuel casting process using depleted uranium, a key step in the manufacture of Lightbridge Fuel™.

On July 14, 2021, the Company executed a CRADA with the Battelle Memorial Institute, Pacific Northwest Division, the operating contractor of the PNNL, in collaboration with the DOE.

The total project value is approximately $ 0.7 million, with three-quarters of this amount expected to be provided by DOE for the scope performed and the remaining amount funded by Lightbridge, by providing in-kind services to the project.

The project commenced in the third quarter of 2021 and is expected to be completed by the third quarter of 2022.

During the three months ended March 31, 2022 and 2021, the Company recorded approximately $ 0.1 million and $ 0 million of contributed services – research and development, respectively, for work that was completed that caused the DOE to incur payment obligations related to the GAIN voucher.

The total project value is approximately $ 0.7 million, with three-quarters of this amount expected to be paid by DOE for the scope of work performed by Battelle and the remaining amount provided by Lightbridge, by providing in-kind services to the project.

The project commenced in the third quarter of 2021 and is expected to be completed by the end of 2022.

During the three and six months ended June 30, 2022, the Company recorded approximately $ 0.1 million and $ 0.2 million of contributed services - research and development, respectively, for the work that was completed by Battelle.

The contributed services - research and development for both GAIN vouchers were recorded in the Other Operating Income section of the condensed consolidated statement of operations and the corresponding amount was recorded as research and development expenses.

1 unchanged sentence

The Company believes that the amounts paid by the DOE to Battelle for the service provided does not differ materially from what the Company would have paid had it directly contracted for these services for its R&D activity.

Recent Change in U.S.

Prior to 2022, Internal Revenue Code Section 174 allowed taxpayers to deduct R&D expenditures in the year in which they were incurred.

The 2017 tax reform act amended Section 174, effective for amounts paid or incurred in tax years beginning after December 31, 2021, to require taxpayers to charge their R&D expenditures to a capital account.

Capitalized costs are required to be amortized over five years (15 years for expenditures attributable to foreign research).

Due to the Company’s future significant R&D expenses, the impact of this tax law change will mean that a significant portion of our total operating expenses will be taken as a deduction over a 5-year period rather than be currently deductible.

The Company does not expect to pay cash taxes as a result of this change as our remaining operating expenses after excluding R&D expenses are significant and the Company expects to continue to generate losses for tax purposes.

Stockholders’ Equity and Stock-Based Compensation

At March 31, 2022, the Company had 10,588,674 common shares outstanding (including outstanding RSAs totaling 188,588 shares).

Also outstanding were warrants relating to 45,577 shares of common stock, stock options relating to 543,297 shares of common stock and performance-based RSA awards of 188,588 shares, all totaling 11,366,136 shares of common stock and all common stock equivalents, outstanding at March 31, 2022.

At June 30, 2022, the Company had 11,009,000 common shares outstanding (including outstanding RSAs totaling 188,588 shares).

Also outstanding were stock options relating to 520,565 shares of common stock and performance-based RSA awards of 188,588 shares, all totaling 11,718,153 shares of common stock and all common stock equivalents, outstanding at June 30, 2022.

The performance-based RSA awards of 188,588 shares are not included as common stock outstanding due to managements’ probability assessment of not meeting the performance-based milestone at June 30, 2022.

At December 31, 2021, the Company had 9,759,223 common shares outstanding (including outstanding RSAs totaling 188,588 shares).

Also outstanding were warrants relating to 45,577 shares of common stock, stock options relating to 538,713 shares of common stock and performance-based RSA awards of 188,588 shares, all totaling 10,532,101 shares of common stock and all common stock equivalents, outstanding at December 31, 2021.

Common Stock Equity Offerings

6 unchanged sentences

The Company records its ATM sales on a settlement date basis.

The Company sold 0.8 million shares under the ATM for the three months ended March 31, 2022 resulting in net proceeds of $ 5.4 million under the November 19, 2021 prospectus supplement.

No ATM sales occurred during the three months ended March 31, 2021.

The Company sold approximately 1.2 million shares under the ATM for the six months ended June 30, 2022 resulting in net proceeds of approximately $ 7.6 million under the November 19, 2021 prospectus supplement.

No ATM sales occurred during the six months ended June 30, 2021.

Preferred Stock Equity Offerings

9 unchanged sentences

Based on the $ 7.57 closing stock price on December 3, 2021, the Company recorded to additional paid-in capital a deemed dividend of $ 1.8 million at the date of the exchange.

The Company had 45,577 outstanding warrants at March 31, 2022 and December 31, 2021.

These warrants were issued to investors on November 17, 2014, entitling the holders to purchase 45,577 common shares in the Company at an exercise price of $ 138.60 per common share up to and including May 16, 2022, the warrant expiration date.

On June 30, 2016, the warrant holders agreed to new warrant terms, which excluded any potential net cash settlement provisions, in order to classify the warrants as equity in exchange for a reduced exercise price of $ 75.00 per share.

These warrants are classified within equity on the unaudited condensed consolidated balance sheets.

The Company did not have any outstanding warrants as of June 30, 2022 and had 45,577 outstanding warrants as of December 31, 2021.

The 45,577 warrants that were issued to investors on November 17, 2014, entitling the holders to purchase 45,577 common shares in the Company at an exercise price of $138.60 per common share, expired on May 16, 2022.

Stock-based Compensation

3 unchanged sentences

Stock Options

During the three months ended March 31, 2022, the Company issued 13,514 stock options to one consultant.

During the six months ended June 30, 2022, the Company issued 13,514 stock options to one consultant.

These options were assigned a fair value of $ 3.70 per share (total fair value of $ 50,000 ).

6 unchanged sentences

Closing price per share - common stock

Stock options issued to the Company’s employees, directors and consultants are summarized as follows for the three months ended March 31, 2022:

Stock options issued to the Company’s employees, directors and consultants are summarized as follows for the six months ended June 30, 2022:

Weighted Average Exercise Price

1 unchanged sentence

Beginning of the year - January 1, 2022

End of the period - March 31, 2022

End of the period – June 30, 2022

Options exercisable

A summary of the Company’s non-vested options as of March 31, 2022 and December 31, 2021, and changes during the three months ended March 31, 2022, is presented below:

A summary of the Company’s non-vested options as of June 30, 2022 and December 31, 2021, and changes during the six months ended June 30, 2022, is presented below:

Weighted Average Exercise Price

1 unchanged sentence

Non-vested – December 31, 2021

Non-vested– March 31, 2022

The above tables include stock options issued and outstanding as of March 31, 2022 as follows:

Non-vested– June 30, 2022

The above tables include stock options issued and outstanding as of June 30, 2022 as follows:

A total of 339,855 incentive stock options and non-qualified 10 -year options have been issued, and are outstanding, to the directors, officers, and employees at exercise prices of $ 3.82 to $ 75.60 per share.

2 unchanged sentences

A total of 180,710 non-qualified 2 to 10 -year options have been issued, and are outstanding, to consultants at exercise prices of $ 3.82 to $ 75.60 per share and have a remaining contractual life ranging from 0.86 years to 9.17 years.

As of March 31, 2022, there was approximately $ 0.1 million of total unrecognized compensation cost related to non-vested stock options granted under the plans.

As of June 30, 2022, there was approximately $ 29,000 of total unrecognized compensation cost related to non-vested stock options granted under the plans.

That cost is expected to be recognized over a weighted-average period of approximately 1.74 years.

For stock options outstanding at March 31, 2022, the intrinsic value was approximately $ 0.5 million.

For those vested stock options at March 31, 2021, the intrinsic value was approximately $ 0.2 million.

The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at March 31, 2022:

For stock options outstanding at June 30, 2022, the intrinsic value was $ 61,000 .

The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at June 30, 2022:

Stock Options Outstanding

6 unchanged sentences

Common Share Issuances

For the three months ended March 31, 2022 and 2021, the Company issued 2,262 and 3,000 common shares, respectively, to its investor relations firm for services provided during the period.

For the six months ended June 30, 2022 and 2021, the Company issued 4,058 and 5,347 common shares, respectively, to its investor relations firm for services provided during the period.

Restricted Stock Awards

1 unchanged sentence

These RSAs contain a performance-based accelerated vesting provision and a service-based vesting provision, with the service-based vesting provision being one-third vesting on each of the first three anniversaries of the date of grant.

As of March 31, 2022 and December 31, 2021, the Company had deemed it not probable that the performance-based vesting provision would be met.

These 188,588 shares were included in the total outstanding common shares at March 31, 2022 and December 31, 2021 and compensation expense will be recognized straight line over the three-year vesting period.

A total of $0.2 million of compensation expense was recorded for the three months ended March 31, 2022.

As of June 30, 2022 and December 31, 2021, the Company had deemed it not probable that the performance-based vesting provision would be met.

These 188,588 shares were included in the total outstanding common shares at June 30, 2022 and December 31, 2021 and compensation expense will be recognized straight line over the three-year vesting period.

A total of $0.4 million of compensation expense was recorded for the six months ended June 30, 2022.

Also on November 18, 2021, there was an additional performance-based equity grant of 188,588 RSAs, with a grant date fair value of approximately $ 2 million, with immediate vesting upon the Company completing a business acquisition in 2022, subject to certain target financial performance metrics.

The RSAs were valued at the stock price on the grant date of $ 10.69 per share.

This RSA grant, based on managements’ probability assessment of meeting this milestone at March 31, 2022 and December 31, 2021, was not probable of being met and no expense was recorded as stock-based compensation for the three months ended March 31, 2022 and for the year ended December 31, 2021.

These 188,588 RSAs were not included in the total outstanding common shares at March 31, 2022 and December 31, 2021, on the accompanying balance sheet and statement of stockholders’ equity.

This RSA grant, based on managements’ probability assessment of meeting this milestone at June 30, 2022 and December 31, 2021, was not probable of being met and no stock-based compensation expense was recorded for the six months ended June 30, 2022 and for the year ended December 31, 2021.

These 188,588 RSAs were not included in the total outstanding common shares, on the accompanying balance sheets and changes in statements of stockholders’ equity at June 30, 2022 and December 31, 2021.

The Company will reassess the probability of achieving this performance condition at each reporting period in 2022 and record the approximately $2 million as an expense as well as include these performance-based RSAs in the total outstanding common shares, if there is a change to management’s assessment that it is probable that this performance-condition will be met.

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Total RSAs forfeited

Total unvested RSAs outstanding at March 31, 2022

Scheduled vesting for outstanding RSAs with service conditions at March 31, 2022 is as follows:

Total unvested RSAs outstanding at June 30, 2022

Scheduled vesting for outstanding RSAs with service conditions at June 30, 2022 is as follows:

Year Ending December 31,

Scheduled vesting

As of March 31, 2022, there was approximately $ 1.7 million of total unrecognized compensation cost related to these unvested RSAs compensation arrangements.

As of June 30, 2022, there was approximately $ 1.6 million of total unrecognized compensation cost related to these unvested RSAs compensation arrangements.

The compensation expense will be recognized on a straight-line basis over the three-year vesting period.

The components of total stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 are as follows (rounded in millions):

For the Three Months

Research and development expenses

The components of total stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 are as follows (dollars in millions):

For the Three Months Ended June 30,

For the Six Months Ended June 30,

General and administrative expenses

Total stock-based compensation expense

Related Party Transactions

On February 9, 2022, the Company entered into an agreement with We Don’t Have Time Inc.

(“WDHT”), an organization with a social media network platform dealing with the climate crisis, pursuant to which WDHT will provide a variety of climate-change related consulting services to the Company and the Company agreed to pay a monthly membership fee of $ 1,200 to WDHT through and including December 2022.

Chakraborty, a member of the Company’s Board of Directors, is also the President and Executive Board Member of WDHT.

For the three months and six-months ended June 30, 2022, the Company incurred $ 3,600 and $ 7,200 , respectively, in dues paid to WDHT.

In addition, for the three months and six-months ended June 30, 2022, the Company incurred $ 35,000 and $ 85,000 , respectively, in fees to WDHT to attend two conferences in which the Company participated with WDHT to promote the Company’s nuclear fuel.

Subsequent Events

Sales under the 2021 ATM that were made from July 1, 2022 to July 28, 2022 were approximately 70,000 shares that totaled net proceeds of approximately $ 0.3 million.

FORWARD-LOOKING STATEMENTS

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the other risks identified in Item 1A.

Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report for the quarter ended March 31, 2022.

Most of these factors are beyond our ability to predict or control and you should not put undue reliance on any forward-looking statement.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements