What changed in this filing

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Item 1. Financial Statements

2023-07-31 compared with 2023-05-11 · 152 added, 85 removed, 249 unchanged (49% of the section changed)

6 unchanged sentences

Total Current Assets

Prepaid project costs

Prepaid project costs and other long-term assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

4 unchanged sentences

Stockholders’ Equity

Preferred stock, $ 0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at March 31, 2023 and December 31, 2022

Common stock, $ 0.001 par value, 25,000,000 authorized, 12,126,030 shares and 11,900,217 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively

Preferred stock, $ 0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at June 30, 2023 and December 31, 2022

Common stock, $ 0.001 par value, 25,000,000 authorized, 12,484,799 and 11,900,217 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

Additional paid-in capital

8 unchanged sentences

Three Months Ended

Six Months Ended

Operating Expenses

5 unchanged sentences

Total Other Operating Income

Total Operating Loss

Operating Loss

( 1,963,673 )

( 1,521,659 )

( 4,246,618 )

( 3,574,693 )

Interest income

5 unchanged sentences

( 3,552,171 )

$ ( 1,672,224 )

$ ( 1,502,642 )

$ ( 3,698,804 )

$ ( 3,552,171 )

Net Loss Per Common Share

1 unchanged sentence

Weighted Average Number of Common Shares Outstanding

Basic and Diluted

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

LIGHTBRIDGE CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

Stockholders’

Balance - January 1, 2023

$ 173,595,385

$ ( 144,489,130 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant and directors for services

Stock-based compensation

Net loss for the three months ended

March 31, 2023

( 2,026,580 )

Balance - March 31, 2023

$ 174,825,571

$ ( 146,515,710 )

Shares issued - registered offerings - net of offering costs

Shares issued pursuant to restricted stock awards

Shares issued to consultant for services

Stock-based compensation

Net loss for the three months ended

June 30, 2023

( 1,672,224 )

Balance - June 30, 2023

( 148,187,934 )

Stockholders’

Balance - January 1, 2022

$ 161,772,641

$ ( 136,991,273 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant and directors for services

Stock-based compensation

Net loss for the three months ended

March 31, 2022

( 2,049,529 )

Balance - March 31, 2022

$ 167,464,610

$ ( 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 )

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

LIGHTBRIDGE CORPORATION

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

1 unchanged sentence

Prepaid expenses and other current assets

Prepaid project costs and other long-term assets

Accounts payable and accrued liabilities

5 unchanged sentences

Financing Activities

Net proceeds from the issuances of common stock

Net proceeds from the issuance of common stock

Net Cash Provided by Financing Activities

10 unchanged sentences

LIGHTBRIDGE CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

Balance - January 1, 2023

$ 173,595,385

$ ( 144,489,130 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant & directors for services

Stock-based compensation

Net loss for the three months ended March 31, 2023

( 2,026,580 )

Balance - March 31, 2023

$ 174,825,571

$ ( 146,515,710 )

Balance - January 1, 2022

$ 161,772,641

$ ( 136,991,273 )

Shares issued - registered offerings - net of offering costs

Shares issued to consultant & directors for services

Stock-based compensation

Net loss for the three months ended March 31, 2022

( 2,049,529 )

Balance - March 31, 2022

$ 167,464,610

$ ( 139,040,802 )

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

LIGHTBRIDGE CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2 unchanged sentences

The accompanying unaudited condensed consolidated financial statements of Lightbridge Corporation and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X.

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, 2022, included in our Annual Report on Form 10-K for the year ended December 31, 2022.

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 interim periods presented 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.

1 unchanged sentence

The Company was formed on October 6, 2006, when Thorium Power, Ltd., which was incorporated in the state of Nevada on February 2, 1999, merged with Thorium Power, Inc.

(TPI), which was incorporated in the state of Delaware on January 8, 1992 (subsequently and collectively referred to as “we” or the “Company”).

(TPI), which was incorporated in the state of Delaware on January 8, 1992.

On September 29, 2009, the Company changed its name from Thorium Power, Ltd.

6 unchanged sentences

Fair Value of Financial Instruments

In accordance with the provisions of ASC 820, “Fair Value Measurements,” the Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unaffiliated market participants at the measurement date.

In accordance with the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements the Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unaffiliated market participants at the measurement date.

The Company generally applies the income approach to determine fair value.

14 unchanged sentences

The carrying amounts of cash and cash equivalents (which includes U.S.

treasury bills), accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

treasury bills), accounts payable and accrued liabilities are considered to be a Level 1 measurement, representative of their respective fair values because of the short-term nature of those instruments.

treasury bills are classified as Level 1 on the fair value hierarchy as there are quoted prices in active markets for identical assets.

13 unchanged sentences

treasury bills to maturity.

treasury bills totaled $ 20.0 million and $ 19.9 million at March 31, 2023 and December 31, 2022, respectively.

The remaining $ 8.1 million and $ 9.0 million at March 31, 2023 and December 31, 2022, respectively, are on deposit with two notable financial institutions.

treasury bills totaled $ 19.9 million as of June 30, 2023 and December 31, 2022.

The remaining $ 8.3 million and $ 9.0 million at June 30, 2023 and December 31, 2022, respectively, are on deposit with two prominent financial institutions.

Contributed services - Research and Development

8 unchanged sentences

The stock-based compensation expense incurred by Lightbridge for employees and directors in connection with its equity incentive plan is based on the employee model of ASC 718, and the fair value of any stock options granted is measured at the grant date.

In accordance with ASU 2018-07, Compensation - Stock Compensation (Topic 718):

In accordance with Accounting Standards Update (“ASU”) 2018-07, Compensation - Stock Compensation (Topic 718):

Improvements to Nonemployee Share-Based Payment Accounting, options granted to our consultants are accounted for in the same manner as options issued to employees.

13 unchanged sentences

The forfeiture rate estimate used for all equity awards was zero, based on the experience of the Company having an insignificant historical forfeiture rate.

Shares that are issued to employees upon exercise of the stock options or vesting of Restricted Stock Units or Restricted Stock Awards (RSAs) grants may be issued net of a number of shares with a fair value equal to the required tax withholding requirements to be paid by the Company regarding its tax withholding obligations.

As a result, the actual number of shares issued with tax withholding obligations are fewer than the actual number of shares exercised under the stock option or on the dates of vesting of restricted stock unit or RSAs grants.

Shares that are issued to employees upon exercise of the stock options or vesting of Restricted Stock Units (RSUs) or Restricted Stock Awards (RSAs) grants may be issued net of a number of shares with a fair value equal to the required tax withholding requirements to be paid by the Company regarding its tax withholding obligations.

The Company grants two types of RSAs.

6 unchanged sentences

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 Pronouncement

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.

GAAP for certain financial instruments with characteristics of liabilities and equity.

This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt:

Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock;

(2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification;

and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share for convertible instruments by using the if-converted method.

ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years.

Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.

Adoption is either through a modified retrospective method or a full retrospective method of transition.

The Company does not currently have any transactions or instruments to which this standard applies.

If in the future, the Company issues new convertible debt, warrants or other instruments, the standard may have a material effect, but it cannot be determined at this time.

Recently Adopted Accounting Pronouncement

3 unchanged sentences

The financial assets of the Company in scope of ASU 2016-13 will primarily be accounts receivable.

The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments.

The Company will estimate an allowance for expected credit losses on accounts receivable that result from the inability of customers to make the required payments.

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 does not expect to have revenue or substantial receivables for the foreseeable future.

The Company adopted this guidance in the first quarter of fiscal 2023 and it did not have a material impact since the Company had no outstanding accounts receivable on which to apply this new standard.

The Company adopted this guidance on January 1, 2023 and it did not have a material impact since the Company had no outstanding accounts receivable on which to apply this new standard.

Net Loss Per Share

1 unchanged sentence

Diluted net loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period.

Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, warrants and convertible preferred shares (see Note 7.

Potential common shares consist of the incremental common shares issuable upon the exercise of stock options (see Note 7.

Stockholders’ Equity and Stock-Based Compensation).

3 unchanged sentences

Three Months Ended

Net loss attributable to common stockholders

Six Months Ended

Weighted-average common shares outstanding

Basic net loss per share

Net loss attributable to common stockholders, basic

Net loss, basic

Effect of dilutive securities

2 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, 2023 and 2022 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

Warrants outstanding

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, 2023 and 2022 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 and Six Months Ended

Stock options outstanding

RSAs outstanding

Prepaid Project Costs

Prepaid Expenses – Current and Long-term Assets

In 2022, the Company entered into agreements with Idaho National Laboratory (INL), in collaboration with the DOE, to support the development of Lightbridge Fuel™.

The Company made advanced payments for future project work totaling $ 0.4 million to Battelle Energy Alliance, LLC (“BEA”), DOE’s operating contractor for INL, as of March 31, 2023 and December 31, 2022.

At the time of signing, the Company made advanced payments for future project work totaling $ 0.4 million to Battelle Energy Alliance, LLC (“BEA”), DOE’s operating contractor for INL.

In May 2023, the Company and INL modified the agreements to extend the contract term to May 2029, aligning it with the duration of the irradiation testing and increasing the advanced payments by $ 0.1 million.

The prepaid project costs and other long-term assets were $ 0.5 million as of June 30, 2023 and $ 0.4 million as of December 31, 2022.

Accounts Payable and Accrued Liabilities

7 unchanged sentences

The future minimum lease payments required under the non-cancellable operating leases for 2023 total $ 0.1 million.

Total rent expense for the three months ended March 31, 2023 and 2022 was approximately $ 24,000 for both periods.

Total rent expense for the three and six months ended June 30, 2023 and June 30, 2022 was approximately $ 23,000 and $ 47,000 , respectively.

Project Task Statements (Purchase Orders)

1 unchanged sentence

Research and Development Costs).

Performance of work under these agreements may be terminated at any time by either party, without liability, upon giving a thirty-day written notice under the Strategic Partnership Project Agreement and a sixty-day written notice under the Cooperative Research and Development Agreement, to the other party.

Performance of work under these agreements may be terminated at any time by either party, without any liability, after the effective date of termination, upon giving a thirty-day written notice under the Strategic Partnership Project Agreement and a sixty-day written notice under the Cooperative Research and Development Agreement, to the other party.

In the event of termination, the Company shall be responsible for the BEA’s costs (including the closeout costs), through the effective date of termination, but in no event shall the Company’s cost responsibility exceed the total estimated cost stated in each PTS and any subsequent modification to the PTS.

Research and Development Costs

In 2022, Lightbridge entered into agreements with INL, in collaboration with the DOE, to support the development of Lightbridge Fuel™.

These framework agreements use an innovative structure and consist of an “umbrella” Strategic Partnership Project Agreement and an “umbrella” Cooperative Research and Development Agreement (CRADA), each with BEA, DOE’s operating contractor for INL, with an initial duration of seven years.

Throughout the duration of these umbrella agreements, all R&D work contracted with BEA is through the issuance of project task statements.

In 2022, Lightbridge entered into agreements with INL, in collaboration with DOE, to support the development of Lightbridge Fuel™.

These framework agreements use an innovative structure that consists of an “umbrella” Strategic Partnership Project Agreement and an “umbrella” Cooperative Research and Development Agreement (CRADA), each with BEA, with an initial duration of seven years.

Throughout the duration of these umbrella agreements, all R&D work contracted with BEA is through the issuance of PTSs.

For the three and six months ended June 30, 2023 the Company recorded $ 0.1 million and $ 0.3 million, respectively, in research and development costs associated with INL.

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

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

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

The PNNL GAIN voucher project was completed on January 31, 2023.

During the three months ended March 31, 2023 and 2022, the Company recorded $ 31,000 and $ 0.1 million of contributed services - research and development, respectively, for work that was completed that caused the DOE to incur payment obligations to its contractor related to the GAIN voucher.

During the three and six months ended June 30, 2023, the Company recorded $ 0 and $ 31,000 of contributed services - research and development respectively.

During the three and six months ended June 30, 2022, the Company recorded $ 0.1 million and $ 0.2 million of contributed services - research and development, respectively, for work that was completed that caused the DOE to incur payment obligations to its contractor related to the GAIN voucher.

The Company recorded the corresponding amount as research and development expenses for the work that was completed by the DOE contractor.

The R&D services provided under the GAIN vouchers are utilized by the Company in its ongoing development of its next generation nuclear fuel technology.

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

The R&D services provided under the GAIN vouchers were utilized by the Company in its ongoing development of its next generation nuclear fuel technology.

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

Stockholders’ Equity and Stock-Based Compensation

At March 31, 2023, the Company had 12,126,030 common shares outstanding (including outstanding restricted stock awards totaling 416,316 shares).

Also outstanding were stock options relating to 525,903 shares of common stock ( 514,513 stock options were vested), all totaling 12,651,933 shares of common stock and all common stock equivalents, outstanding at March 31, 2023.

At December 31, 2022, the Company had 11,900,217 common shares outstanding (including outstanding restricted stock awards totaling 416,316 shares).

At June 30, 2023, the Company had 12,484,799 common shares outstanding (including outstanding RSAs totaling 451,404 shares).

Also outstanding were stock options relating to 525,903 shares of common stock ( 514,513 stock options were vested), all totaling 13,010,702 shares of common stock and all common stock equivalents, outstanding at June 30, 2023.

At December 31, 2022, the Company had 11,900,217 common shares outstanding (including outstanding RSAs totaling 416,316 shares).

Also outstanding were stock options relating to 525,903 shares of common stock ( 514,513 stock options were vested), all totaling 12,426,120 shares of common stock and all common stock equivalents, outstanding at December 31, 2022.

Common Stock Equity Offerings

ATM Offerings

At-the-Market (ATM) Offerings

On November 9, 2022, the Company filed a prospectus supplement with the SEC pursuant to which the Company may offer and sell shares of common stock having an aggregate offering price of up to $ 20.0 million from time to time through its ATM.

On April 4, 2023, the Company filed an additional prospectus supplement revising the amount available to $ 17.9 million.

On April 4, 2023, the Company filed an additional prospectus supplement revising the amount available to a total of $ 17.9 million with $ 15.8 million available for future share issuances.

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

The Company sold approximately 0.2 million shares under the ATM for the three months ended March 31, 2023 resulting in net proceeds of $ 0.7 million.

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

The Company sold approximately 0.5 million shares under the ATM for the six months ended June 30, 2023 resulting in net proceeds of $ 2.3 million (stock issuance costs were $ 0.1 million).

The Company sold approximately 1.2 million shares under the ATM for the six months ended June 30, 2022 resulting in net proceeds of $ 7.6 million (stock issuance costs were $ 0.3 million).

Stock-based Compensation

2 unchanged sentences

On September 3, 2020, the shareholders approved the 2020 Plan to authorize grants of the following types of awards (a) Options, (b) Stock Appreciation Rights, (c) Restricted Stock and Restricted Stock Units, and (d) Other Stock-Based and Cash-Based Awards.

The number of shares of common stock available for issuance under this Incentive Plan is 1,100,000 shares.

The number of shares of common stock available for issuance under the 2020 Plan is 1,800,000 shares.

Stock Options

During the six months ended June 30, 2023, the Company issued 21,241 stock options to one consultant.

These options were assigned a fair value of $ 1.07 per share (total fair value of $ 22,830 ).

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 ).

The value was determined using the Black-Scholes pricing model.

The following assumptions for these option grants were used in the Black-Scholes pricing model:

Expected volatility

Risk free interest rate

Dividend yield rate

Weighted average years

Closing price per share - common stock

Common Share Issuances

For the three months ended March 31, 2023 and 2022, the Company issued 3,750 shares and 2,262 shares of common stock, respectively, to its investor relations firm for services provided during the period.

On December 15, 2022, the Board of Directors approved an equity grant value at $ 200,000 in total to its five directors, which resulted in the issuance of a total of 52,085 shares of common stock to the five directors, valued on the grant date at $ 3.84 per share and issued on January 3, 2023.

On November 18, 2021, the Board of Directors approved an equity grant value at $ 210,000 in total to its six directors, which resulted in the issuance of a total of 19,644 shares of common stock to the six directors, valued on the grant date at $ 10.69 per share.

There were 13,096 common shares issued to four directors on November 18, 2021 and the remaining 6,548 shares of common shares were issued to the two remaining directors on January 1, 2022 .

For the six months ended June 30, 2023 and 2022, the Company issued 7,408 shares and 4,058 shares of common stock, respectively, to its investor relations firm for services provided during the period.

On December 15, 2022, the Board of Directors approved an equity grant valued at $ 200,000 in total to its five directors, which resulted in the issuance of a total of 52,085 shares of common stock to the five directors, valued on the grant date at $ 3.84 per share and issued on January 3, 2023.

On November 18, 2021, the Board of Directors approved an equity grant valued at $ 210,000 in total to its six directors, which resulted in the issuance of a total of 19,644 shares of common stock to the six directors, valued on the grant date at $ 10.69 per share.

There were 13,096 common shares issued to four directors on November 18, 2021 and the remaining 6,548 shares of common stock were issued to the two remaining directors on January 1, 2022.

Restricted Stock Awards Issued

As of March 31, 2023 and December 31, 2022, there were 416,316 RSAs included in the total issued and outstanding common stock.

On May 3, 2023, the Board of Directors approved an equity grant valued at $ 120,000 to one new officer of the Company, which resulted in the issuance of a total of 35,088 shares of common stock to the new employee, valued on the grant date at $ 3.42 per share and issued on May 3, 2023.

These RSAs vest annually in equal installments over 3 years.

These 35,088 shares were included in the total outstanding common shares at June 30, 2023 and compensation expense will be recognized straight line over the three-year vesting period.

As of June 30, 2023 and December 31, 2022, there were 451,404 and 416,316 RSAs included in the total issued and outstanding common stock, respectively.

Compensation expense is recognized straight line over the three-year vesting period.

A total of $ 0.3 million and $ 0.3 million of compensation expense was recorded for the three months ended March 31, 2023 and March 31, 2022, respectively, for the RSAs.

As of March 31, 2023, there was $ 2.3 million of total unrecognized compensation cost related to these unvested RSAs.

A total of $ 0.6 million and $ 0.4 million of compensation expense was recorded for the six months ended June 30, 2023 and June 30, 2022, respectively, for the RSAs.

As of June 30, 2023, there was $ 2.2 million of total unrecognized compensation cost related to these unvested RSAs.

The compensation expense will be recognized on a straight-line basis over the three-year vesting period and the total unrecognized compensation is expected to be recognized over a weighted-average period of 2.02 years.

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, 2023 and 2022 are as follows (rounded in millions):

Three Months Ended

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, 2023 and 2022 are as follows (rounded in millions):

For the Three Months Ended June 30,

For the Six Months Ended June 30,

General and administrative expenses

Research and development expenses

Total stock-based compensation expense

3 unchanged sentences

Chakraborty, a member of the Company’s Board of Directors, is also the CEO of WDHT’s US division.

For the three months ended March 31, 2023 and 2022, the Company incurred $ 3,600 in dues to WDHT.

In addition, for the three months ended March 31, 2022, the Company incurred $ 50,000 in fees to WDHT to attend conferences in which the Company participated with WDHT to promote the Company’s nuclear fuel.

For the three months ended June 30, 2023 and 2022, the Company incurred $ 3,600 , in dues paid to WDHT.

For the six-months ended June 30, 2023 and 2022, the Company incurred $ 7,200 , 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 of common stock under the Company’s ATM from July 1, 2023 to July 31, 2023 amounted to approximately 82,000 shares, which resulted in total net proceeds of approximately $ 0.4 million.

FORWARD-LOOKING STATEMENTS

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development and utilization of, and challenges to, our intellectual property domestically and abroad;

the trading price of our securities is likely to be volatile, and purchasers of our securities could incur substantial losses and;

the trading price of our securities is likely to be volatile, and purchasers of our securities could incur substantial losses;

the other risks and uncertainties identified in Item 1A.

5 unchanged sentences

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