Lightbridge Provides Business Update and Announces Second Quarter 2022 Financial Results
July 27 2022 - 4:05PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, today announced financial results for the
second quarter ended June 30, 2022, and provided an update on the
Company's continued progress.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “Lightbridge
continued to make significant progress in the development of
Lightbridge Fuel™ in the first half of 2022 at an important time in
our industry. Last month, the European Union decided to classify
nuclear energy as “green,” potentially opening up significant
investment for the industry, while many countries have begun
restarting and growing their nuclear power programs.”
“Lightbridge is developing and commercializing
Lightbridge Fuel, a next generation nuclear fuel technology that
provides more power versus existing nuclear fuel for both existing
and new build reactors. Nations that are exploring building new
reactors will be able to help ensure future energy supplies by
optimizing their new-build reactors to Lightbridge Fuel to take
advantage of the additional 30% power that our fuel will
generate.”
Financial HighlightsThe Company
maintained a strong working capital position at June 30, 2022 and
had no debt.
Cash Flows Summary
- Cash and cash equivalents were
$29.3 million at June 30, 2022, as compared to $24.7 million at
December 31, 2021, an increase of approximately $4.6 million.
- Cash used in operating activities
decreased $4.6 million in the six months ended June 30, 2022, to
$3.1 million, from $7.7 million in the six months ended June 30,
2021. This decrease was due primarily to the dissolution of our
former joint venture and the settlement payment of approximately
$4.2 million we paid in 2021 for outstanding invoices for work
performed and other expenses incurred by our former joint venture
partner in 2021.
Balance Sheet Summary
- Total assets were $29.8 million and
total liabilities were $0.5 million at June 30, 2022. Working
capital was $29.2 million at June 30, 2022 versus $24.7 million at
December 31, 2021, an increase of $4.5 million in working capital
for the six months ended June 30, 2022.
- Stockholders’ equity was $29.3
million at June 30, 2022 as compared to $24.9 million at December
31, 2021.
Operations Summary
- Total general and administrative
expenses decreased by approximately $0.1 million for the three
months ended June 30, 2022, as compared to the three months ended
June 30, 2021. This decrease was primarily due to a decrease in
consulting fees of approximately $0.1 million and a decrease in
professional fees of approximately $0.1 million relating to fees
incurred in connection with the arbitration matter that was settled
in 2021 that were not repeated during the three months ended June
30, 2022. These decreases were offset by the increases in
directors’ fees and stock-based compensation expenses of
approximately $0.1 million.
- Lightbridge’s total corporate
research and development costs decreased by approximately $0.1
million for the three months ended June 30, 2022, as compared to
the three months ended June 30, 2021. This decrease was primarily
due to a decrease in consulting and outside R&D expenses of
approximately $0.1 million. All other R&D expenses for the
three months ended June 30, 2022 and the three months ended June
30, 2021 were consistent period over period.
- Total net other operating income
related to contributed services – research and development was $0.2
million for the six months ended June 30, 2022 and June 30, 2021,
with a charge to R&D expenses and a corresponding amount
recorded to contributed services – research and development.
- Net loss for the three months ended
June 30, 2022 was $1.5 million compared to $1.6 million for the
three months ended June 30, 2021.
2022 Annual Meeting of
StockholdersLightbridge will be holding its 2022 Annual
Meeting of Stockholders virtually on October 27, 2022 at 11:00 a.m.
Eastern Time at www.virtualshareholdermeeting.com/LTBR2022.
Stockholders holding shares as of August 29, 2022, the record date
for the annual meeting, are entitled to vote.
Second Quarter 2022
WebcastLightbridge will host a live webcast on Thursday,
July 28th at 4pm Eastern Time to discuss the Company's financial
results and provide an update on its fuel development activities.
Interested parties can access the conference call on the Company’s
website via webcast at
https://edge.media-server.com/mmc/p/3rrcre7s
To access the conference call by phone, please
register at
https://register.vevent.com/register/BId56f7140dddf403688feac7af1d7fd79
The conference call will be led by Seth Grae,
President, and Chief Executive Officer, with other Lightbridge
executives also available to answer questions. The webcast will be
archived on the Company’s website approximately two hours following
the call.
About Lightbridge
CorporationLightbridge (NASDAQ: LTBR) is an advanced
nuclear fuel technology development company positioned to enable
carbon-free energy applications that will be essential in
preventing climate change. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
small modular reactors, as well as existing large light-water
reactors, which significantly enhances safety, economics, and
proliferation resistance. To date, Lightbridge has been awarded
twice by the U.S. Department of Energy’s Gateway for Accelerated
Innovation in Nuclear program to support development of Lightbridge
Fuel™. Lightbridge’s innovative fuel technology is backed by an
extensive worldwide patent portfolio. Lightbridge is included in
the Russell Microcap® Index. For more information, please visit:
www.ltbridge.com.
To receive Lightbridge Corporation updates via e-mail, subscribe
at https://www.ltbridge.com/investors/news-events/email-alerts
Lightbridge is on Twitter. Sign up to follow
@LightbridgeCorp at http://twitter.com/lightbridgecorp.
For an introductory video on Lightbridge, please visit
www.ltbridge.com or click here to watch the video.
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 Europe; risks associated with limited availability of
conversion and enrichment services for nuclear fuel production;
changes in the laws, rules and regulations governing the Company’s
business; development and utilization of, and challenges to, our
intellectual property; risks associated with potential shareholder
activism; potential and contingent liabilities; as well as other
factors described in Lightbridge's filings with the Securities and
Exchange Commission. Lightbridge does not assume any obligation to
update or revise any such forward-looking statements, whether as
the result of new developments or otherwise, except as required by
law. Readers are cautioned not to put undue reliance on
forward-looking statements.
A further description of risks and uncertainties
can be found in Lightbridge’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, and in its other filings with
the Securities and Exchange Commission, including in the sections
thereof captioned “Risk Factors” and “Forward-Looking Statements”,
all of which are available at http://www.sec.gov/ and
www.ltbridge.com.
Investor Relations Contact:Matthew Abenante,
IRCDirector of Investor Relations Tel: +1 (646) 828-8710
ir@ltbridge.com
*** tables follow ***
LIGHTBRIDGE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
29,268,074 |
|
$ |
24,747,613 |
|
Prepaid expenses and other current assets |
|
409,339 |
|
|
113,452 |
|
Total Current Assets |
|
29,677,413 |
|
|
24,861,065 |
|
|
|
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
Trademarks |
|
107,757 |
|
|
101,583 |
|
Total Assets |
$ |
29,785,170 |
|
$ |
24,962,648 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current Liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
482,661 |
|
$ |
171,521 |
|
Total Current Liabilities |
$ |
482,661 |
|
$ |
171,521 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
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 |
|
11,009 |
|
|
9,759 |
|
Additional paid-in capital |
|
169,834,944 |
|
|
161,772,641 |
|
Accumulated deficit |
|
(140,543,444 |
) |
|
(136,991,273 |
) |
Total Stockholders' Equity |
|
29,302,509 |
|
|
24,791,127 |
|
Total Liabilities and
Stockholders' Equity |
$ |
29,785,170 |
|
$ |
24,962,648 |
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
1,439,684 |
|
|
|
1,515,899 |
|
|
|
3,353,249 |
|
|
|
3,298,759 |
|
Research and development |
|
165,476 |
|
|
|
273,314 |
|
|
|
428,299 |
|
|
|
642,764 |
|
Total Operating Expenses |
|
1,605,160 |
|
|
|
1,789,213 |
|
|
|
3,781,547 |
|
|
|
3,941,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution from joint venture |
|
— |
|
|
|
110,000 |
|
|
|
— |
|
|
|
110,000 |
|
Contributed services - research and development |
|
83,501 |
|
|
|
67,794 |
|
|
|
206,854 |
|
|
|
171,113 |
|
Total Other Operating
Income |
|
83,501 |
|
|
|
177,794 |
|
|
|
206,854 |
|
|
|
281,113 |
|
Operating Loss |
|
(1,521,659 |
) |
|
|
(1,611,419 |
) |
|
|
(3,574,693 |
) |
|
|
(3,660,410 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
19,017 |
|
|
|
1,322 |
|
|
|
22,522 |
|
|
|
4,631 |
|
Foreign currency transaction gain |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,694 |
|
Total Other Income |
|
19,017 |
|
|
|
1,322 |
|
|
|
22,522 |
|
|
|
38,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Before Income
Taxes |
|
(1,502,642 |
) |
|
|
(1,610,097 |
) |
|
|
(3,552,171 |
) |
|
|
(3,622,085 |
) |
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
$ |
(1,502,642 |
) |
|
$ |
(1,610,097 |
) |
|
$ |
(3,552,171 |
) |
|
$ |
(3,622,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated preferred stock dividend |
|
— |
|
|
|
(133,313 |
) |
|
|
— |
|
|
|
(264,747 |
) |
Additional deemed dividend on preferred stock due to the beneficial
conversion feature |
|
— |
|
|
|
(58,408 |
) |
|
|
— |
|
|
|
(115,897 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
(0.14 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
10,523,238 |
|
|
|
6,595,483 |
|
|
|
10,403,922 |
|
|
|
6,592,454 |
|
LIGHTBRIDGE
CORPORATIONUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
Six Months Ended |
|
|
June 30, |
|
|
2022 |
|
|
2021 |
|
Operating Activities |
|
|
|
|
|
Net loss |
$ |
(3,552,171 |
) |
|
$ |
(3,622,085 |
) |
Adjustments to reconcile net loss
from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
Common stock issued for services |
|
15,000 |
|
|
|
30,000 |
|
Stock-based compensation |
|
438,708 |
|
|
|
246,403 |
|
|
|
|
|
|
|
|
|
Changes in Operating Working
Capital Items: |
|
|
|
|
|
|
|
Other receivables |
|
— |
|
|
|
(785,000 |
) |
Prepaid expenses and other current assets |
|
(295,887 |
) |
|
|
(217,001 |
) |
Accounts payable and accrued liabilities |
|
326,140 |
|
|
|
211,655 |
|
Accrued legal settlement costs |
|
— |
|
|
|
(3,525,000 |
) |
Net Cash Used in Operating
Activities |
|
(3,068,210 |
) |
|
|
(7,661,028 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
Trademarks |
|
(6,174 |
) |
|
|
(14,655 |
) |
Net Cash Used in Investing
Activities |
|
(6,174 |
) |
|
|
(14,655 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
Net proceeds from issuances of common stock |
|
7,594,845 |
|
|
|
— |
|
Net Cash Provided by Financing
Activities |
|
7,594,845 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash
and Cash Equivalents |
|
4,520,461 |
|
|
|
(7,675,683 |
) |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents,
Beginning of Period |
|
24,747,613 |
|
|
|
21,531,665 |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, End of
Period |
$ |
29,268,074 |
|
|
|
13,855,982 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash
Flow Information: |
|
|
|
|
|
|
|
Cash paid during the period: |
|
|
|
|
|
|
|
Interest paid |
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
$ |
— |
|
|
$ |
— |
|
Non-Cash Financing Activities: |
|
|
|
|
|
|
|
Accumulated preferred stock dividend |
$ |
— |
|
|
$ |
380,644 |
|
Conversion of Series A convertible preferred stock to common stock
and payment of paid-in-kind dividends to Series A preferred
stockholder |
$ |
— |
|
|
$ |
17,173 |
|
Payment of accrued liabilities with common stock |
$ |
15,000 |
|
|
$ |
54,690 |
|
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