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Note 2 - Current Developments and Liquidity
9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025, the Company reported a net loss of $477,080 and net cash provided by operating activities of $210,043. During the nine months ended September 30, 2024, the Company reported net loss of $237,245 and net cash provided by operating activities of $568,215.

 

During the three and nine months ended September 30, 2025, 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 February 8, 2024, the Company entered into a definitive agreement to sell all of its assets related to the Fluorine Products segment and the Planned Uranium De-Conversion Facility, including the Lea County land. The definitive agreement provides that the maximum date for closing is March 31, 2026 (the "Outside Date"), subject to further extension pursuant to the terms of the agreement. In July 2025, the Buyer requested an extension of the Outside Date, which the Company determined was not in the best interests of the Company, and therefore, the Outside Date remains March 31, 2026. Closing is contingent on various conditions being met, including the Buyer obtaining financing plus approvals and agreements with the NRC and other third parties. On September 30, 2025, the Company and the Buyer submitted an application to the NRC requesting consent to transfer the Company's NRC license to the Buyer. This application for transfer and closing of the transaction remain subject to the NRC's review process. The Company is currently evaluating any effects the current government shutdown might have on this review process and approval for license transfer. Proceeds from this sale if it closes by the Outside Date would be $12.5 million in total. 

 

The Company expects that cash from operations, 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.