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Note 8 - Equity-accounted Investment | 9 Months Ended
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Apr. 30, 2022
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 8: EQUITY-ACCOUNTED INVESTMENT As at April 30, 2022, we owned 15,000,000 shares of Uranium Royalty Corp. (“URC”), representing a 15.7% ( July 31, 2021: 18.1%) interest in URC. In addition, two of our officers are members of URC’s board of directors and one is also an executive officer of URC. As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2022. Should URC's outstanding options and warrants be fully exercised, UEC's ownership interest would decrease from 15.7% to 13.2%. URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V” and on NASDAQ with the trading symbol “UROY”. As at April 30, 2022, the fair value of our investment in URC was approximately $50.6 million. During the nine months ended April 30, 2022, the change in carrying value of the equity-accounted investment is summarized as follows:
Balance, July 31, 2021 |  | $ | 20,729,674 |
Share of income from URC |  |  | 983,162 |
Gain on dilution of ownership interest |  |  | 3,730,421 |
Translation loss |  |  | (613,935 | )
Balance, April 30, 2022 |  | $ | 24,829,322 |
For the three and nine months ended April 30, 2022 and 2021, income from our equity-accounted investment consisted of the following:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Share of income from URC |  | $ | 800,445 |  |  | $ | 456,132 |  |  | $ | 983,162 |  |  | $ | 353,440 |
Gain on dilution of ownership interest |  |  | 1,158,239 |  |  |  | 413,881 |  |  |  | 3,730,421 |  |  |  | 413,881 |
Total |  | $ | 1,958,684 |  |  | $ | 870,013 |  |  | $ | 4,713,583 |  |  | $ | 767,321 |
For the three and nine months ended April 30, 2022, we recorded a gain on dilution of ownership interest of $1,158,239 and $3,730,421, respectively, as a result of URC issuing shares under its at-the-market offering and the exercise of certain URC stock options and share purchase warrants. For the three and nine months ended April 30, 2021, we recorded a gain on dilution of ownership interest of $413,881 and $413,881, respectively, as a result of URC issuing shares from the exercise of URC share purchase warrants. For the three and nine months ended April 30, 2022, we recorded translation losses of $139,194 and $613,935, respectively, and for the three and nine months ended April 30, 2021, we recorded translation gains of $493,101 and $1,041,900, respectively, as a result of translating the ending balance of the equity-accounted investment denominated in Canadian Dollars to U.S. Dollars using the respective period end exchange rates, which was included in other comprehensive (loss) income in our condensed consolidated statements of operations and comprehensive loss.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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