Currency in USD Conference Call on Tuesday, August 11, 2020 at 4pm ETRESTON, Va., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, today announced financial results for the second quarter ended June 30, 2020, as well as the Company's corporate progress and other meaningful developments. 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-alertsLightbridge is on Twitter. This will generate significant value to our shareholders and sizable benefit to society, providing economical, clean energy around the world,” concluded Mr. Grae.Financial HighlightsThe Company maintains a strong working capital position of $16.4 million at June 30, 2020 and has no debt.Cash Flows Summary * The change in the net decrease in cash and cash equivalents was approximately $2.8 million from the six months ended June 30, 2020 compared to the six months ended June 30, 2019. This decrease was primarily due to the net loss reported for the six months ended June 30, 2020, offset by the increase in capital related to the sale of common stock.Operations Summary * General and administrative expenses for the three months ended June 30, 2020 were $2.0 million compared to $1.2 million for the three months ended June 30, 2020. Investor Relations Contact: Strategic Investor Relations LLC Matthew Abenante Tel: (646) 828-8710 ir@ltbridge.com *** tables follow *** LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2020 2019 ASSETS Current Assets Cash and cash equivalents $17,056,313 $17,958,989 Other receivable from joint venture — 400,000 Prepaid expenses and other current assets 254,652 47,371 Total Current Assets 17,310,965 18,406,360 Other Assets Patent costs 1,756,506 1,798,484 Total Assets $19,067,471 $20,204,844 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable and accrued liabilities $893,938 $350,299 Total Current Liabilities 893,938 350,299 Commitments and contingencies Stockholders’ Equity Preferred stock, $0.001 par value, 10,000,000 authorized shares: Convertible Series A preferred shares, 728,816 and 757,770 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively (liquidation preference $2,627,464 and $2,636,764 at June 30, 2020 and December 31, 2019, respectively) 728 757 Convertible Series B preferred shares, 2,666,667 issued and outstanding at June 30, 2020 and December 31, 2019, (liquidation preference $4,730,500 and $4,569,180 at June 30, 2020 and December 31, 2019, respectively) 2,667 2,667 Common stock, $0.001 par value, 8,333,333 authorized, 3,809,415 and 3,252,371 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively 3,809 3,252 Additional paid-in capital 136,647,267 133,932,615 Accumulated deficit (118,480,938) (114,084,746) Total Stockholders’ Equity 18,173,533 19,854,545 Total Liabilities and Stockholders’ Equity $19,067,471 $20,204,844 LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenue $— $— $— $— Operating Expenses General and administrative 2,028,667 1,230,154 3,965,421 2,587,916 Research and development 115,776 545,118 505,600 1,467,353 Total Operating Expenses 2,144,443 1,775,272 4,471,021 4,055,269 Other Operating Income and (Loss) Other income from joint venture — 305,375 — 660,656 Equity in loss from joint venture — (1,962,318) — (3,257,350) Total Other Operating Income and (Loss) — (1,656,943) — (2,596,694) Operating Loss (2,144,443) (3,432,215) (4,471,021) (6,651,963) Other Income Interest income 12,337 125,298 74,829 234,519 Total Other Income 12,337 125,298 74,829 234,519 Loss before income tax (2,132,106) (3,306,917) (4,396,192) (6,417,444) Income taxes — — — — Net loss $(2,132,106) $(3,306,917) $(4,396,192) $(6,417,444) Accumulated preferred stock dividend (128,238) (121,703) (254,149) (242,518) Deemed additional dividend on preferred stock dividend due the beneficial conversion feature (55,294) (51,814) (109,611) (103,185) Net loss attributable to common stockholders $(2,315,638) $(3,480,434) $(4,759,952) $(6,763,147) Net Loss Per Common Share, Basic and Diluted $(0.66) $(1.14) $(1.40) $(2.27) Weighted Average Number of Common Shares Outstanding 3,486,566 3,064,548 3,390,782 2,975,728 LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2020 2019 Operating Activities Net Loss $(4,396,192) $(6,417,444) Adjustments to reconcile net loss from operations to net cash used in operating activities: Stock-based compensation 12,170 572,285 Patent write-off 111,850 — Equity in loss from joint venture — 3,257,350 Changes in operating working capital items: Other receivable from joint venture 400,000 (414,021) Prepaid expenses and other current assets (207,281) (118,059) Accounts payable and accrued liabilities 543,639 210,650 Net Cash Used in Operating Activities (3,535,814) (2,909,239) Investing Activities Investment in joint venture — (3,540,000) Patent costs (69,872) (128,771) Net Cash Used in Investing Activities (69,872) (3,668,771) Financing Activities Net proceeds from issuances of common stock and exercise of stock options 2,703,010 2,916,399 Net Cash Provided by Financing Activities 2,703,010 2,916,399 Net Decrease in Cash and Cash Equivalents (902,676) (3,661,611) Cash and Cash Equivalents, Beginning of Period 17,958,989 24,637,295 Cash and Cash Equivalents, End of Period $17,056,313 $20,975,684 Supplemental Disclosure of Cash Flow Information: Cash paid during the period: Interest paid $— $— Income taxes paid $— $— Non-Cash Financing Activity: Accumulated preferred stock dividend $363,760 $345,703 Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $23,032 $91,635MIDLAND, TX, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) today reported net loss of $299,670 for the quarter ending June 30, 2020, the Company’s first quarter of fiscal 2021.
Lightbridge invented, patented, and has independently validated its technology, with goals of preventing climate change and enhancing national security. Volkswagen Group deliveries slipped in July * Stockholders’ equity was $18.2 million at June 30, 2020 versus $19.9 million at December 31, 2019. Working capital was $16.4 million at June 30, 2020 versus $18.1 million at December 31, 2019. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.For additional information, please contact: Nicholas C. Taylor, Chairman and Chief Executive Officer or Tammy L. McComic, President and Chief Financial Officer, both of Mexco Energy Corporation, (432) 682-1119.Market Digest: EOG, ITRI, PGR, CHTR, CFX, LTHM, CARR, OTISDiscover new investment ideas by accessing unbiased, in-depth investment researchNYSE American - NYSE American Delayed Price. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2020. * Net loss for the three months ended June 30, 2020 was $2.1 million compared to $3.3 million for 2019. This decrease of $1.2 million was primarily due to the factors stated above in the operations summary.SECOND QUARTER CONFERENCE CALL & WEBCASTLightbridge will host a conference call on Tuesday, August 11th at 4:00 p.m. Eastern Time to discuss the Company's financial results for the second quarter ended June 30, 2020, as well as the Company's corporate progress and other meaningful developments.Interested parties can access the conference call by calling 877-407-3088 for U.S. callers, or 201-389-0927 for international callers. * Cash provided by financing activities decreased by approximately $0.2 million for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 primarily due to the slight decrease in net proceeds from issuance of common stock in 2020, which was $2.7 million for the six months June 30, 2020 compared to $2.9 million proceeds for the six months ended June 30, 2019.Balance Sheet Summary * Cash and cash equivalents were $17.1 million at June 30, 2020, compared to $18 million at December 31, 2019, a decrease of $0.9 million in cash and cash equivalents for the six months ended June 30, 2020. 9 smart dog accessories for your car We believe that a strong patent portfolio will help establish and sustain leadership in key global markets.“We continue to take the necessary steps towards validating our technology, proving that Lightbridge Fuel™ will be the solution that will significantly improve the economics and safety profile of both existing reactors and small modular reactors (SMR). The conference call will be led by Seth Grae, President and Chief Executive Officer and other Lightbridge executives will also be available to answer questions.About Lightbridge CorporationLightbridge (NASDAQ: LTBR) is an advanced nuclear fuel technology development company based in Reston, Virginia, United States. Get the latest Mexco Energy Corporation (MXC) stock news and headlines to help you in your trading and investing decisions. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We continue to execute in accordance with our strategy and vision for commercializing Lightbridge Fuel™. Another 3 of these wells were completed in May 2020 and were producing at an aggregate average rate of 1,801 barrels of oil and 6,626,000 cubic feet of gas per day, or 2,905 barrels of oil equivalent per day. 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 Company has assembled a world-class development team. Current stock quote for MEXCO ENERGY CORPORATION ( MXC ) including financial statements, level 2 data, and the latest Oil & Gas E&P news, research, and investment community discussion This compares to a net loss of $54,186 for the quarter ending June 30, 2019. This increase of approximately $0.8 million was due to a total increase in employee compensation and employee benefits of approximately $0.6 million, an increase in professional fees of approximately $0.2 million, and an increase of patent write offs of $0.1 million. MXC | Complete Mexco Energy Corp. stock news by MarketWatch.