Inventories

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Inventories

(5)    Inventories

Inventories consisted of the following at March 31, 2018 and December 31, 2017:

	March 31, 2018		December 31, 2017
Raw materials	$	42,911	$	42,911
Work in process		2,384,045		1,906,377
Finished goods		-		2,225
	$	2,426,956	$	1,951,513

Work in process includes cobalt-60 targets that are located in the U.S. Department of Energy’s (DOE) Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. These targets are owned by the Company and contain cobalt-60 material at various stages of irradiation. The carrying value of the targets is based on accumulated irradiation and handling costs which have been allocated to each target based on the length of time the targets have been held and processed at the ATR. At March 31, 2018, this cobalt target inventory had a carrying value of $425,159, and at December 31, 2017, the cobalt target inventory was valued at $432,623.

Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the ATR and the Company is making progress payments designed to coincide with the completion of the irradiation period. The Company has contracted with several customers for the sale of some of this product material and is collecting advance payments for project management, up-front handling, and other production costs from those customers. The advance payments from customers have been recorded as unearned revenue. The revenue and the costs associated with production of raw materials will be recognized in the Company’s financial statements as cobalt products are completed and start being either shipped to customers or be used as raw material in other products which is expected to begin in late 2018.