10-Q 1 ltbr_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specifie ...

Lightbridge Corporation (NASDAQ:LTBR) Q2 2020 Results Earnings Conference Call August 11, 2020 4:00 PM ET Company Participants Matthew Abenante - Director, IR Seth Grae - President, CEO Lawrence Goldman - CFO Andrey Mushakov - EVP, Nuclear Operations James Fornof - VP, Nuclear Program Management Sherry Holloway - Accounting Manager Conference Call Participants Operator Greetings and welcome to the Lightbridge Corporation Business Update and Second Quarter 2020 Conference Call and Webcast. As a reminder, all ...

10-Q 1 ltbr_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in ...

Financial Data and Key Metrics Changes - As of March 31, 2020, the company had $16.3 million in cash and cash equivalents, down from $17.9 million on December 31, 2019, representing a decrease of $1.6 million in Q1 2020 [31] - The net loss for Q1 2020 was $2.3 million compared to $3.1 million for Q1 2019, indicating an improvement in financial performance [39] - Total cash used in operating activities for Q1 2020 was $2 million, an increase from $1.5 million in Q1 2019, primarily due to employee compensation and professional fees [32] Business Line Data and Key Metrics Changes - Total corporate R&D costs amounted to $0.4 million in Q1 2020, down from $0.9 million in Q1 2019, reflecting a decrease in R&D activities with Framatome and Enfission [36] - General and administrative (G&A) expenses for Q1 2020 were $1.9 million, up from $1.3 million in Q1 2019, driven by increased professional fees and severance payments due to layoffs [37] Market Data and Key Metrics Changes - The average annual fuel spent per light water reactor is approximately $50 million, creating an addressable market of $21 billion at current capacity with 419 reactors operating worldwide [22] Company Strategy and Development Direction - The company aims to leverage its partnership with the U.S. Department of Energy (DOE) to advance its metallic fuel technology and align with the Nuclear Fuel Working Group's recommendations [19][55] - Lightbridge is exploring opportunities in the CANDU reactor market, which could provide economic benefits and improved safety [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of nuclear energy, highlighting bipartisan support for nuclear power and the potential for advanced nuclear technologies to regain U.S. leadership in the sector [16][19] - The company is focused on preserving its cash runway to the end of 2021 while seeking additional funding opportunities and strategic alliances to support its R&D efforts [30] Other Important Information - The company has implemented significant budget cuts, including a 50% reduction in employee headcount, to navigate the challenges posed by COVID-19 [28] - A new employee stock purchase plan (ESPP) has been adopted to facilitate ownership of Lightbridge stock among eligible employees [40] Q&A Session Summary Question: Has Lightbridge applied for a PPP loan? - The company considered it but decided not to apply, believing its cash reserves are sufficient to last through the end of 2021 [45] Question: Have you considered selling and/or leasing patent rights to fund Lightbridge beyond December 2021? - Currently, the company is not pursuing this but is exploring opportunities related to CANDU reactors and other non-dilutive funding options [46] Question: Will Lightbridge Fuel be tested at TREAT or ORNL as part of the current GAIN Voucher? - The company expects to evaluate opportunities for testing at TREAT and ORNL in the future, but this work is outside the scope of the current GAIN Voucher [49] Question: What led to being awarded the GAIN Voucher? - The application emphasized technical merits, energy generation economics, enhanced safety, and engagement with leading U.S. utilities [50][51] Question: What pivotal milestones are expected in the next three to five years? - The company is focused on meeting the needs of existing large reactors and exploring opportunities in small modular reactors, with government support being crucial for success [53][54] Question: When must Lightbridge provide the metallic fuel material samples for the advanced test reactor? - The goal is to have the samples available for insertion into the ATR by late 2021, subject to various factors [59] Question: Are there similar CRADA projects Lightbridge is interested in? - The company plans to procure HALEU material and fabricate samples for the ATR experiment, with ongoing interest in various testing facilities [62] Question: Would Lightbridge entertain funding opportunities from utilities? - Yes, the company is open to funding opportunities from utilities while protecting its intellectual property rights [63]

PART I [Financial Statements (unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements for Q1 2020 show a reduced net loss, decreased assets, and ongoing going concern uncertainties [Unaudited Condensed Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $18.5 million by March 31, 2020, primarily due to reduced cash, while equity also declined Condensed Consolidated Balance Sheet Data (in thousands) | | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $16,334 | $17,959 | | Total Current Assets | $16,679 | $18,406 | | Total Assets | $18,482 | $20,205 | | **Liabilities & Stockholders' Equity** | | | | Total Current Liabilities | $486 | $350 | | Total Stockholders' Equity | $17,996 | $19,855 | | Total Liabilities and Stockholders' Equity | $18,482 | $20,205 | [Unaudited Condensed Consolidated Statements of Operations](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported no revenue and a reduced net loss of $2.3 million for Q1 2020, primarily due to lower R&D expenses Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and administrative | $1,937 | $1,358 | | Research and development | $390 | $922 | | Total Operating Expenses | $2,327 | $2,280 | | Equity in loss from joint venture | $0 | ($1,295) | | Operating Loss | ($2,327) | ($3,220) | | Net Loss | ($2,264) | ($3,111) | | Net Loss Attributable to Common Stockholders | ($2,444) | ($3,283) | | Net Loss Per Common Share, Basic and Diluted | ($0.74) | ($1.14) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $2.0 million in Q1 2020, leading to a $1.6 million decrease in cash Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($2,020) | ($1,547) | | Net Cash Used In Investing Activities | ($4) | ($1,549) | | Net Cash Provided by Financing Activities | $400 | $1,986 | | Net Decrease In Cash and Cash Equivalents | ($1,625) | ($1,109) | | Cash and Cash Equivalents, End of Period | $16,334 | $23,528 | [Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased by $1.9 million in Q1 2020, primarily due to net loss, partially offset by stock issuance - Total stockholders' equity decreased by approximately **$1.9 million** during the first quarter of 2020, from **$19,854,545** to **$17,996,219**[16](index=16&type=chunk) - The decrease was mainly due to a net loss of **$2,264,086**, offset by **$399,675** in net proceeds from the issuance of common stock[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements (unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Notes highlight going concern uncertainty, inactive Enfission JV with ongoing arbitration, a DOE voucher award, and COVID-19 related cost cuts - Management believes cash on hand at March 31, 2020, may be sufficient for at least 12 months, but forecasting uncertainties and recurring losses raise **substantial doubt** about the Company's ability to continue as a going concern[24](index=24&type=chunk)[26](index=26&type=chunk) - The Enfission joint venture with Framatome is inactive. On February 7, 2020, Lightbridge filed a request for arbitration against Framatome, asserting material breach of the R&D Services Agreement (RDSA) and seeking to confirm the agreement's termination[35](index=35&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company was awarded a voucher from the U.S. Department of Energy's (DOE) GAIN program to support the development of Lightbridge Fuel™ in collaboration with Idaho National Laboratory (INL). The project, valued at approximately **$846,000**, is anticipated to commence in Q2 2020[67](index=67&type=chunk) - In March 2020, due to the COVID-19 pandemic and to maximize liquidity, the company reduced discretionary spending and payroll costs through layoffs, resulting in approximately **$0.2 million** in one-time accrued severance benefits[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses nuclear fuel development, CRADA with INL, Framatome arbitration, reduced Q1 2020 net loss, and ongoing going concern issues [Overview of Our Business](index=20&type=section&id=OVERVIEW%20OF%20OUR%20BUSINESS) Lightbridge focuses on commercializing advanced nuclear fuel, collaborating with INL, and is in arbitration with Framatome - The company's goal is to develop and commercialize next-generation nuclear fuel to improve the economics, safety, and proliferation resistance of nuclear reactors[118](index=118&type=chunk) - On April 22, 2020, the company entered into a Cooperative Research and Development Agreement (CRADA) with Battelle Energy Alliance, LLC (operator of INL) to formalize a DOE GAIN voucher award for designing an irradiation experiment for Lightbridge fuel materials[128](index=128&type=chunk) - On February 7, 2020, the company filed for arbitration against Framatome to confirm the valid termination of their R&D Services Agreement and to seek compensation for damages[134](index=134&type=chunk) - The COVID-19 pandemic has impacted business operations, leading to reduced R&D expenses and increased G&A expenses from severance payments in Q1 2020[131](index=131&type=chunk) [Operations Review](index=23&type=section&id=OPERATIONS%20REVIEW) Q1 2020 operating loss decreased to $2.3 million due to lower R&D, despite increased G&A from legal and severance costs Comparison of Operating Results (in thousands) | | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $1,937 | $1,358 | $579 | 43% | | Research and development | $390 | $922 | ($532) | -58% | | Total Operating Expenses | $2,327 | $2,280 | $47 | 2% | | Total Other Operating Income (Loss) | $0 | ($940) | $940 | 100% | | Total Operating Loss | ($2,327) | ($3,220) | ($893) | -28% | | Net Loss | ($2,264) | ($3,111) | ($846) | -27% | - General and administrative expenses increased by approximately **$0.6 million**, primarily due to a **$0.4 million** increase in professional fees (legal, accounting) and **$0.2 million** in severance payments[146](index=146&type=chunk) - Research and development expenses decreased by approximately **$0.5 million** due to the cessation of work for the Enfission joint venture[150](index=150&type=chunk) [Liquidity, Capital Resources, and Financial Position](index=26&type=section&id=LIQUIDITY%2C%20CAPITAL%20RESOURCES%20AND%20FINANCIAL%20POSITION) Cash was $16.3 million at Q1 2020, with projected negative cash flow, raising substantial doubt about going concern without future equity financing - Cash and cash equivalents were approximately **$16.3 million** at March 31, 2020, compared to **$17.9 million** at December 31, 2019[159](index=159&type=chunk) - The company projects a negative cash flow from operations averaging approximately **$0.7 million** per month for the next 12 to 15 months[160](index=160&type=chunk) - Despite cost-cutting measures, uncertainties in forecasting future expenditures and potential unexpected costs raise **substantial doubt** about the Company's ability to continue as a going concern for the next 12 months[160](index=160&type=chunk) - Primary potential sources of future cash are equity investments, including an existing ATM financing arrangement, though the amount available may be limited by public float valuation[162](index=162&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for smaller reporting companies - Disclosure is not required[167](index=167&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2020, with no material changes in Q1 - The Company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of March 31, 2020[168](index=168&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the first quarter of 2020[169](index=169&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company initiated arbitration against Framatome regarding R&D Services Agreement termination and is defending an OSHA complaint appeal - On February 7, 2020, the company filed a request for arbitration against Framatome to declare the R&D Services Agreement (RDSA) terminated and to obtain compensation for damages[175](index=175&type=chunk) - On April 3, 2020, Framatome submitted its answer, disputing the claims and setting out its own counterclaims[176](index=176&type=chunk) - A former CFO's 2015 OSHA complaint, which was dismissed in 2018, is currently under appeal. The company is vigorously defending the appeal[65](index=65&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The primary new risk factor is the potential adverse impact of the COVID-19 outbreak on business and financing - The COVID-19 outbreak could adversely affect the company's business, financial position, results of operations, and liquidity, including research and development activities and the ability to obtain financing[177](index=177&type=chunk) - There have been no other material changes to risk factors from those disclosed in the 2019 Annual Report on Form 10-K[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the period - None[179](index=179&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) The report includes required certifications by executive and financial officers, along with XBRL Interactive Data Files Exhibit Index | Exhibit Number | Description | | :--- | :--- | | 31.1 | Rule 13a-14(a)/15d-14(a) Certification - Principal Executive Officer | | 31.2 | Rule 13a-14(a)/15d-14(a) Certification - Principal Financial Accounting Officer | | 32 | Section 1350 Certifications | | 101.INS | XBRL Instance Document |

Lightbridge Corp (NASDAQ:LTBR) Q4 2019 Earnings Conference Call March 18, 2020 4:00 PM ET Company Participants Matthew Abenante - IR, Porter, LeVay & Rose Seth Grae - President, CEO & Executive Director Andrey Mushakov - EVP, Nuclear Operations Lawrence Goldman - CFO Barbara Kanakry - Controller James Malone - SVP & Chief Nuclear Fuel Development Officer James Fornof - VP, Government Program Management Conference Call Participants Operator Thank you for standing by, and welcome to the Lightbridge Corporati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 91-1975651 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ (Address of principal executive of ices, Zip Code) (571) 730-1200 (Registrant's telephone number, including area code) Commis ...

Lightbridge Corporation (NASDAQ:LTBR) Q2 2019 Results Earnings Conference Call August 8, 2019 3:00 AM ET Company Participants David Waldman - Crescendo Communications, LLC, President & CEO Seth Grae - President, CEO Lawrence Goldman - CFO Andrey Mushakov - EVP of Nuclear Operations Barbara Kanakry - Controller James Fornof - VP of Government Program Management James Malone - Senior VP & Chief Nuclear Fuel Development Officer Conference Call Participants Aref Adibi - Adibi Realty Operator Greetings ladies an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2019 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34487 LIGHTBRIDGE CORPORATION (Exact name of registrant as specified in its charter) Nevada 91-1975651 ...