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Investment in Joint Venture (Investee Losses in Excess of Investment) | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Note 3. Investment in Joint Venture (Investee Losses in Excess of Investment) | Pursuant to the Enfission operating agreement, both partners agreed that Enfission will serve as an exclusive vehicle to develop, license, and sell nuclear fuel assemblies based on Company-designed metallic fuel technology and other advanced nuclear fuel intellectual property licensed to Enfission by the Company and Framatome or their affiliates. The joint venture builds on the joint fuel development and regulatory licensing work under previously signed agreements initiated in March 2016. The Enfission operating agreement provided that the Company and Framatome each hold 50% of the total issued Class A voting membership units of the joint venture. The Company's equity in losses in excess of its investment are accounted for under the equity method consisted of the following as of December 31, 2018 (rounded in millions):
Investment Name |  | Ownership Interest |  |  | Carrying Amount |
Enfission, LLC |  |  | 50 | % |  |  |
Total contributions |  |  |  |  |  | $ | 5.6 |
Less: Share of the loss in investment in Enfission |  |  |  |  |  |  | (5.8 | )
Equity losses in excess of investment |  |  |  |  |  | $ | (0.2 | )
The Company invested approximately $5.6 million in Enfission as of December 31, 2018. The cash balance in Enfission at December 31, 2018 was approximately $0.7 million. During the year ended December 31, 2018, Enfission incurred a loss of approximately $7.7 million, and accordingly, the Company recorded its share of the loss in investment in Enfission, in accordance with the provisions in the joint venture operating agreement, of approximately $5.8 million in the accompanying consolidated statement of operations. The Company’s share of the joint venture losses for the period ended December 31, 2018 have exceeded its capital contributions by approximately $0.2 million and as a result, in accordance with equity method accounting, its share of the equity losses in excess of the equity contributions made in 2018 have been recorded as investee loss in excess of investment, under the current liability section of the accompanying balance sheets. We were committed to fund Enfission for our share of its liabilities at December 31, 2018. The Company will continue providing additional equity contributions in 2019 and for the foreseeable future. Summarized balance sheet information for the Company’s equity method investee Enfission as of December 31, 2018 is presented in the following table (rounded in millions):
Current assets |  |  |
Cash |  | $ | 0.7 |
Other current assets |  |  | 0.7 |
Total assets |  | $ | 1.4 |
Current liabilities |  | $ | 1.9 |
Total liabilities |  | $ | 1.9 |
Summarized income statement information for the Company’s equity method investee Enfission is presented in the following table for the year ended December 31, 2018 (rounded in millions):
Net sales and revenue |  | $ | 0.0 |
Research and development costs |  |  | 6.6 |
Administrative expenses |  |  | 1.1 |
Total operating loss |  | $ | 7.7 |
Loss from operations |  | $ | 7.7 |
Net loss |  | $ | 7.7 |
As of December 31, 2018, the total receivable due from Enfission was approximately $0.1 million, which represents consulting fees Lightbridge charged to Enfission and reimbursable expenses paid by Lightbridge on Enfission’s behalf (see Note 11. Related Party Transactions). Based on an evaluation of this equity method investment, we determined that no OTTI has occurred as of December 31, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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