NATURE OF OPERATIONS

12 Months Ended

Jul. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1: NATURE OF OPERATIONS

Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium and titanium concentrates, on projects located in the United States, Canada and Paraguay.

Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2015 (“Fiscal 2015”), 2013 (“Fiscal 2013”) and 2012 (“Fiscal 2012”), we are yet to achieve profitability and have had a history of operating losses resulting in an accumulated deficit balance since inception. No revenue from sales of uranium concentrates was realized for the fiscal year ended July 31, 2018 (“Fiscal 2018), 2017 (“Fiscal 2017”), 2016 (“Fiscal 2016”), and 2014 (“Fiscal 2014”) or for any periods prior to Fiscal 2012. Historically, we have been reliant primarily on equity financings from the sale of our common stock and, during Fiscal 2014 and 2013, on debt financing in order to fund our operations, and this reliance is expected to continue for the foreseeable future.

At July 31, 2018, we had cash and cash equivalent of $6.9 million and a deficit working capital of $4.0 million, primarily resulting from the $10.0 million current portion of long-term debt, representing the principal amounts of the long-term debt due over the next 12 months from July 31, 2018. Subsequent to July 31, 2018, we completed a public offering of 12,613,049 units at a price of $1.60 per unit for gross proceeds of $20.2 million and received $2.6 million from the exercise of stock options and warrants, which substantially increased our cash and cash equivalent and improved our working capital position. The existing cash resources are expected to provide sufficient funds to carry out the planned operations for 12 months from the date that our consolidated financial statements are issued. In the event that the principal repayments under our Credit Facility outlined in Note 10 are not extended by at least nine months from the current commencement date of February 2019, we will need to reduce our cash burn rate from that incurred in Fiscal 2018 by curtailing expenditures on discretionary and non-core activities in order for our current cash resources to sufficiently fund operations for the next twelve months from the date of our consolidated financial statements. Our continuation as a going concern for a period beyond those 12 months will be dependent upon our ability to obtain adequate additional financing, as our operations are capital intensive and future capital expenditures are expected to be substantial. Our continued operations, including the recoverability of the carrying values of our assets, are dependent ultimately on our ability to achieve and maintain profitability and positive cash flow from our operations.