Note 2 - Current Developments and Liquidity |
3 Months Ended |
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Mar. 31, 2026 | |
| Notes to Financial Statements | |
| Substantial Doubt about Going Concern [Text Block] |
(2) Current Developments and Liquidity
Business Condition – Since inception, the Company has incurred substantial losses. During the three months ended March 31, 2026, the Company reported a net loss of $1,348,086 and net cash used in operating activities of $72,442. During the three months ended March 31, 2025, the Company reported net loss of $112,694 and net cash used in operating activities of $5,119.
During the three months ended March 31, 2026, the Company continued its focus on its strongest long-standing core business segments which consist of its Theranostics Products (previously called Radiochemical Products), Cobalt Products, and Calibration & Reference Products (previously called Nuclear Medicine Standards), and in particular, the pursuit of new business opportunities within those segments. Additionally, the Company has begun to focus on the start-up of its Medical Device segment which includes assets purchased from AMICI, Inc. (AMICI) in 2023 and investing in the development of an EasyFill Automated Iodine Capsule System.
The Company holds a Nuclear Regulatory Commission (NRC) construction and operating license for the depleted uranium facility in, as well as the property agreement with, Lea County, New Mexico, where the plant is intended to be constructed. The NRC license for the de-conversion facility is a forty (40) year operating license and is the first commercial license of this type issued in the United States. On March 11, 2026, the Company executed a mutual termination of an asset purchase agreement ("DUF6 Asset Sale") dated February 8, 2024 to sell all our assets related to the Fluorine Products segment and the Planned Uranium De-Conversion Facility to American Fuel Resources ("AFR"). AFR contacted the Company requesting a 1-year extension due to AFR being unable to make payment of the balance of the purchase price by March 31, 2026 (the “Outside Date”) in order to meet the Condition to Seller’s Obligations as defined in the DUF6 Asset Sale. The parties were in the final stages of the NRC consent process and were on the cusp of receiving NRC consent to transfer; however, the parties mutually agreed to withdraw the application and terminate the APA. Proceeds from this sale would have been $12.5 million in total. The Company decided it was in the best interest of the shareholders to regain control of the assets as we believe they have appreciated in value since we had entered the DUF6 Asset Sale and it had low confidence that AFR would be able to secure funding to close the deal by the requested extension date. The Company is evaluating all possible options for the DUF6 Plant and related assets.
The Company expects that cash from operations, the availability of equity or debt financing, and its current cash balance will be sufficient to fund operations for the next twelve months. Future liquidity and capital funding requirements will depend on numerous factors, including commercial relationships, technological developments, market factors, available credit, and management of redeemable convertible preferred stock. There is no assurance that additional capital and financing will be available on acceptable terms to the Company or at all.
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