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Prepaid Project Costs | 12 Months Ended
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Dec. 31, 2023
Prepaid Project Costs |
Prepaid Project Costs | Note 3. Prepaid Project Costs Prepaid Project Costs – Short-Term On October 16, 2023, the Company engaged RATEN ICN in Romania to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in Canada Deuterium Uranium (CANDU) reactors. The total price of approximately $0.2 million shall be payable in three installments, including an advance payment of $0.1 million, and total of a milestone payment and a final payment of approximately $0.1 million. The Company advanced payment for future project work totaling approximately $56,000 and approximately 50% of this amount was expensed at December 31, 2023 and the remaining amount was recorded under Prepaid expenses and other current assets. On December 5, 2023, the Company entered into an agreement with Centrus Energy to conduct a front-end engineering and design (FEED) study to add a dedicated Lightbridge Pilot Fuel Fabrication Facility (LPFFF) at the American Centrifuge Plant in Piketon, Ohio. The work is expected to be completed in 2024. The Company advanced payment for future project work totaling approximately $0.1 million and approximately 23% of this amount was expensed at December 31, 2023 and the remaining amount was recorded under Prepaid expenses and other current assets. Prepaid Project Costs – Long-Term In 2022, the Company entered into agreements with Idaho National Laboratory (INL), in collaboration with the DOE, to support the development of Lightbridge Fuel™. At the time of signing, the Company made advanced payments for future project work totaling $0.4 million to Battelle Energy Alliance, LLC (BEA), DOE’s operating contractor for INL. In May 2023, the Company and INL modified the agreements to extend the contract term to May 2029, aligning it with the duration of the irradiation testing and increasing the advanced payments by $0.1 million. The prepaid project costs were $0.5 million as of December 31, 2023 and $0.3 million as of December 31, 2022 under Other Assets - Prepaid project costs and other long-term assets.

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