This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Lightbridge Corporation Reports 2010 Second Quarter Financial Results

The Lightbridge Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6636

Forward Looking Statement

This press release contains statements that are forward-looking in nature, including statements regarding the Company's competitive position and product and service offerings. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties, which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail in "Item 1A. Risk Factors" in Lightbridge's Quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2010. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. 

Lightbridge Corporation Condensed Consolidated Balance Sheets
     
  June 30, 2010 (Unaudited) December 31, 2009
ASSETS    
     
Current Assets    
 Cash and cash equivalents $3,077,451 $3,028,791
 Restricted cash 263,300 652,174
 Accounts receivable - project revenue and reimbursable project costs 1,132,656 2,421,088
 Prepaid expenses & other current assets 389,101 574,095
 Total Current Assets 4,862,508 6,676,148
     
Property Plant and Equipment –net 84,143 97,559
     
Other Assets    
 Patent costs – net 264,716 241,845
 Security deposits 120,486 120,486
 Total Other Assets 385,202 362,331
     
Total Assets $5,331,853 $7,136,038
     
LIABILITIES AND STOCKHOLDERS EQUITY    
     
Current Liabilities    
 Accounts payable and accrued liabilities $1,546,336 $2,162,221
 Deferred Revenue 213,300 0
     
Total Liabilities 1,759,636 2,162,221
     
Commitments and contingencies    
Stockholders' Equity     
Preferred stock, $0.001 par value, 50,000,000 authorized shares, no shares issued and outstanding -- --
Common stock, $0.001par value, 500,000,000 authorized, 10,307,513 shares and 10,168,412 shares issued and outstanding at  June 30, 2010 and December 31, 2009, respectively 10,308 10,168
Additional paid in capital - stock and stock equivalents 56,539,091 54,108,685
Deficit  (52,410,629) (48,723,286)
Common stock reserved for issuance, 4,204 shares and 5,721 shares at June 30, 2010 and December 31, 2009, respectively 34,750 34,750
Deferred stock compensation (601,303) (456,500)
Total Stockholders' Equity  3,572,217 4,973,817
     
Total Liabilities and Stockholders' Equity  $5,331,853 $7,136,038
 
Lightbridge Corporation  Unaudited Condensed Consolidated Statements of Operations 
         
  Three Months Ended June 30,  Six Months Ended June 30,
  2010 2009 2010 2009
Revenue:        
         
Consulting Revenue $1,962,295 $3,430,485 $4,361,427 $6,374,538
         
Cost of Consulting Services Provided 1,262,908 1,888,846 2,768,398 3,637,364
         
Gross Margin 699,387 1,541,639 1,593,029 2,737,174
         
Operating Expenses        
General and administrative  2,543,647 2,342,580 4,915,910 4,605,261
Research and development expenses 158,237 559,112 362,980 1,012,917
Total Operating Expenses 2,701,884 2,901,692 5,278,890 5,618,178
         
Operating loss (2,002,497) (1,360,053) (3,685,861) (2,881,004)
         
Other Income and (Expenses)        
Interest income 896 13,492 1,048 16,520
Other (1,984) (389) (2,530) (4,927)
Total Other Income and Expenses (1,088) 13,103 (1,482) 11,593
         
Net loss before income taxes (2,003,585) (1,346,950) (3,687,343) (2,869,411)
         
Income taxes 0 0 0 0
         
Net loss $(2,003,585) $(1,346,950) $(3,687,343) $(2,869,411)
         
         
Net Loss Per Common Share, Basic and diluted $(0.19) $(0.13) $(0.36) $(0.29)
Weighted Average Number of shares outstanding for the period used to compute per share data - (prior reporting period restated to reflect 1 for 30 reverse stock split) 10,296,694 10,061,391 10,232,553 10,058,485

 

     
Lightbridge Corporation   Unaudited Condensed Consolidated Statements of Cash Flows    
     
  Six Months Ended June 30,  
  2010 2009
Operating Activities:    
Net Loss $(3,687,343) $(2,869,411)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 1,582,092 2,519,098
Depreciation and amortization 13,416 13,040
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimburseable project costs 1,288,432 1,459,329
Prepaid expenses and other current assets 184,994 (260,222)
Accounts payable, accrued liabilities and other current liabilities 87,766 (1,500,982)
Deferred revenue 213,300 0
Net Cash Used In Operating Activities (317,343) (639,148)
     
Investing Activities:    
Property and equipment 0 (12,039)
Patent costs (22,871) (18,340)
Net Cash Used In Investing Activities (22,871) (30,379)
     
Financing Activities:    
Restricted cash 388,874 0
Net Cash Provided by (Used In) Financing Activities 388,874 0
     
Net Decrease In Cash and Cash Equivalents 48,660 (669,527)
     
Cash and Cash Equivalents, Beginning of Period 3,028,791 5,580,244
     
Cash and Cash Equivalents, End of Period $3,077,451 $4,910,717
     
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year:    
Interest paid $0 $0
Income taxes paid $0 $266,000
     
Non-Cash Financing Activity    
Grant of Common Stock for Payment of Accrued Liabilities $703,652 $0
CONTACT:  Lightbridge Corporation
          Gerry Pascale
            (571) 730-1213
            ir@Ltbridge.com
          Linda Byus
            (571) 730-1218
            lbyus@ltbridge.com

          Ogilvy Public Relations
          Greg Jawski
          212-880-5353
          greg.jawski@ogilvypr.com

Lightbridge Corporation Logo

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs