Financial Results and GuidanceFor the quarter ended March 31, 2013, Lightbridge's net loss was $1.3 million, or a loss of $0.10 per share, on revenue of $0.5 million, compared to a net loss $0.8 million, or a loss of $0.06 per share, on revenue of $1.3 million in the first quarter of 2012. Lightbridge revenues are derived from consulting and strategic advisory services for foreign governments planning to create or expand electricity generation capabilities using nuclear power plants, and are used to help fund the continuing development of the Company's nuclear fuel technologies. Lightbridge reiterated that nuclear fuel research and development expenses over the next 12 to 15 months are expected to be in the range of $3 million to $4 million, contingent on execution of R&D agreements with outside contractors. "We spent approximately $0.6 million and $0.5 million for research and development during the three months ended March 31, 2013 and 2012, respectively," Grae said. Balance Sheet Overview At March 31, 2013, the Company had approximately $3.2 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $4.0 million of working capital, with no long-term debt. Stockholders' equity was approximately $4.6 million at March 31, 2013 compared with $5.8 million on December 31, 2012. Common shares outstanding at March 31, 2013 totaled 12,548,935. "We expect to seek new financing or additional sources of capital in the next six months to support ongoing R&D activities required to continue to advance Lightbridge fuel products to a commercial stage," Grae said. "Potential sources of cash available to us include equity investments from institutional investors; strategic investment through alliances with major fuel vendors, fuel fabricators and/or other strategic parties during the next three years; and new consulting contracts. Over the next two to three years, our R&D activities are expected to increase with continued tests and demonstrations of our metallic fuel technology for Western pressurized water reactors. These activities are necessary to prepare for full-scale demonstration of our fuel technology in an operating commercial PWR."