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RESTATEMENT | 12 Months Ended
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Dec. 31, 2012
RESTATEMENT |
RESTATEMENT | 2. RESTATEMENT The Company determined that the capitalization of development costs primarily on its New Mexico mineral properties and to a lesser extent on its South Texas mineral properties was not in accordance with U.S. GAAP resulting in the Company expensing amounts previously recorded to Plant, Property and Equipment. The Company has amended and restated its consolidated financial statements for the years ended December 31, 2012, 2011 and 2010, by reclassifying from property, plant and equipment to mineral property expenses $8,974,000 of costs, of which $3,922,000 was recorded before 2010 and accordingly, was recorded to accumulated deficit. The details of these restatements are outlined in the tables below. Consolidated Balance Sheet
|  | December 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 109,033,002 |  | $ | (8,974,335 | ) | $ | 100,058,667 |
Total Assets |  | 58,578,770 |  | (8,974,335 | ) | 49,604,435 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (162,201,908 | ) | (8,974,335 | ) | (171,176,243 | )
Total shareholders’ equity |  | 45,143,377 |  | (8,974,335 | ) | 36,169,042 |
Total liabilities and shareholders’ equity |  | 58,578,770 |  | (8,974,335 | ) | 49,604,435 |
Consolidated Statement of Operations
|  | Year Ended December 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 492,858 |  | $ | 3,736,480 |  | $ | 4,229,338 |
Total cost of uranium sales |  | 5,276,471 |  | 3,736,480 |  | 9,012,951 |
Loss from operations before corporate expenses |  | (5,276,471 | ) | (3,736,480 | ) | (9,012,951 | )
Loss from operations |  | (15,836,302 | ) | (3,736,480 | ) | (19,572,782 | )
Net Loss |  | (15,624,373 | ) | (3,736,480 | ) | (19,360,853 | )
Basic and diluted net loss per common share |  | (1.28 | ) | (0.30 | ) | (1.58 | )
Consolidated Statement of Cash Flows
|  | Year Ended December 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (15,624,373 | ) | $ | (3,736,480 | ) | $ | (19,360,853 | )
Additions to uranium properties |  | (5,015,225 | ) | 3,736,480 |  | (1,278,745 | )
Consolidated Balance Sheet
|  | December 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 83,637,321 |  | $ | (5,237,855 | ) | $ | 78,399,466 |
Total Assets |  | 31,404,929 |  | (5,237,855 | ) | 26,167,074 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (146,577,535 | ) | (5,237,855 | ) | (151,815,390 | )
Total shareholders’ equity |  | 23,411,293 |  | (5,237,855 | ) | 18,173,438 |
Total liabilities and shareholders’ equity |  | 31,404,929 |  | (5,237,855 | ) | 26,167,074 |
Consolidated Statement of Operations
|  | Year Ended December 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 17,918 |  | $ | (133,555 | ) | $ | (115,637 | )
Total cost of uranium sales |  | 2,847,053 |  | (133,555 | ) | 2,713,498 |
Loss from operations before corporate expenses |  | (2,847,053 | ) | 133,555 |  | (2,713,498 | )
Loss from operations |  | (11,375,749 | ) | 133,555 |  | (11,242,194 | )
Net Loss |  | (11,199,397 | ) | 133,555 |  | (11,065,842 | )
Basic and diluted net loss per common share |  | (1.20 | ) | 0.02 |  | (1.18 | )
Consolidated Statement of Cash Flows
|  | Year Ended December 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (11,199,397 | ) | $ | 133,555 |  | $ | (11,065,842 | )
Additions to uranium properties |  | (322,295 | ) | (133,555 | ) | (455,850 | )
Consolidated Balance Sheet
|  | December 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 83,895,090 |  | $ | (5,371,410 | ) | $ | 78,523,680 |
Total Assets |  | 42,561,515 |  | (5,371,410 | ) | 37,190,105 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (135,378,138 | ) | (5,371,410 | ) | (140,749,548 | )
Total shareholders’ equity |  | 32,676,867 |  | (5,371,410 | ) | 27,305,457 |
Total liabilities and shareholders’ equity |  | 42,561,515 |  | (5,371,410 | ) | 37,190,105 |
Consolidated Statement of Operations
|  | Year Ended December 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 1,646 |  | $ | 1,449,152 |  | $ | 1,450,798 |
Total cost of uranium sales |  | 2,270,007 |  | 1,449,152 |  | 3,719,159 |
Loss from operations before corporate expenses |  | (2,270,007 | ) | (1,449,152 | ) | (3,719,159 | )
Loss from operations |  | (10,700,040 | ) | (1,449,152 | ) | (12,149,192 | )
Net Loss |  | (10,354,567 | ) | (1,449,152 | ) | (11,803,719 | )
Basic and diluted net loss per common share |  | (1.43 | ) | (0.20 | ) | (1.63 | )
Consolidated Statement of Cash Flows
|  | Year Ended December 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (10,354,567 | ) | $ | (1,449,152 | ) | $ | (11,803,719 | )
Addition to uranium properties |  | (1,814,537 | ) | 1,449,152 |  | (365,385 | )
The Company has also restated the March 31, June 30, and September 30 interim financial statements for the years 2010, 2011 and 2012 to expense certain costs previously capitalized as mineral property development costs. The Company has determined that its capitalization of these expenditures was not in accordance with U.S. GAAP. Specifically for 2012, the Company amended and restated the interim consolidated balance sheet as of March 31, 2012, June 30, 2012 and September 30, 2012 to remove $5,841,000, $7,414,000 and $8,384,000 of costs previously capitalized as development costs which should have been recorded as mineral property expenses. The interim consolidated statement of operations for the three month periods ended March 31, 2012, June 30, 2012 and September 30, 2012 were amended and restated to expense $603,000, $1,573,000 and $969,000, respectively, of costs previously capitalized as development costs to mineral property expenses. The interim consolidated statement of operations for the six month period ended June 30, 2012 and the nine month period ended September 30, 2012 were amended and restated to expense $2,177,000 and $3,146,000, respectively, of costs previously capitalized as development costs to mineral property expenses. Corresponding changes were made to the interim statement of cash flows for the three months ended March 31, 2012, the six months ended June 30, 2012 and the nine months ended September 30, 2012. Details on the quarters in the years ended December 31, 2010, 2011 and 2012 are outlined in the tables below. Consolidated Balance Sheet
|  | March 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 84,544,667 |  | $ | (5,841,050 | ) | $ | 78,703,617 |
Total Assets |  | 40,431,532 |  | (5,841,050 | ) | 34,590,482 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (150,184,005 | ) | (5,841,050 | ) | (156,025,055 | )
Total shareholders’ equity |  | 31,488,394 |  | (5,841,050 | ) | 25,647,344 |
Total liabilities and shareholders’ equity |  | 40,431,532 |  | (5,841,050 | ) | 34,590,482 |
Consolidated Statement of Operations
|  | Three Months Ended March 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 26,715 |  | $ | 603,195 |  | $ | 629,910 |
Total cost of uranium sales |  | 655,487 |  | 603,195 |  | 1,258,682 |
Loss from operations before corporate expenses |  | (655,487 | ) | (603,195 | ) | (1,258,682 | )
Loss from operations |  | (3,700,507 | ) | (603,195 | ) | (4,303,702 | )
Net Loss |  | (3,606,470 | ) | (603,195 | ) | (4,209,665 | )
Basic and diluted net loss per common share |  | (0.37 | ) | (0.06 | ) | (0.43 | )
Consolidated Statement of Cash Flows
|  | Three Months Ended March 31, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (3,606,470 | ) | $ | (603,195 | ) | $ | (4,209,665 | )
Additions to uranium properties |  | (964,621 | ) | 603,195 |  | (361,426 | )
Consolidated Balance Sheet
|  | June 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 86,692,812 |  | $ | (7,414,436 | ) | $ | 79,278,376 |
Total Assets |  | 37,373,332 |  | (7,414,436 | ) | 29,958,896 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (153,844,684 | ) | (7,414,436 | ) | (161,259,120 | )
Total shareholders’ equity |  | 27,889,996 |  | (7,414,436 | ) | 20,475,560 |
Total liabilities and shareholders’ equity |  | 37,373,332 |  | (7,414,436 | ) | 29,958,896 |
Consolidated Statement of Operations
|  | Three Months Ended June 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 30,744 |  | $ | 1,573,386 |  | $ | 1,604,130 |
Total cost of uranium sales |  | 1,571,642 |  | 1,573,386 |  | 3,145,028 |
Loss from operations before corporate expenses |  | (1,571,642 | ) | (1,573,386 | ) | (3,145,028 | )
Loss from operations |  | (3,787,151 | ) | (1,573,386 | ) | (5,360,537 | )
Net Loss |  | (3,660,679 | ) | (1,573,386 | ) | (5,234,065 | )
Basic and diluted net loss per common share |  | (0.34 | ) | (0.15 | ) | (0.49 | )
Consolidated Statement of Operations
|  | Six Months Ended June 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 57,459 |  | $ | 2,176,581 |  | $ | 2,234,040 |
Total cost of uranium sales |  | 2,227,129 |  | 2,176,581 |  | 4,403,710 |
Loss from operations before corporate expenses |  | (2,227,129 | ) | (2,176,581 | ) | (4,403,710 | )
Loss from operations |  | (7,487,658 | ) | (2,176,581 | ) | (9,664,239 | )
Net Loss |  | (7,267,149 | ) | (2,176,581 | ) | (9,443,730 | )
Basic and diluted net loss per common share |  | (0.71 | ) | (0.21 | ) | (0.92 | )
Consolidated Statement of Cash Flows
|  | Six Months Ended June 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (7,267,149 | ) | $ | (2,176,581 | ) | $ | (9,443,730 | )
Additions to uranium properties |  | (3,155,448 | ) | 2,176,581 |  | (978,867 | )
Consolidated Balance Sheet
|  | September 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 108,434,518 |  | $ | (8,383,691 | ) | $ | 100,050,827 |
Total Assets |  | 57,289,865 |  | (8,383,691 | ) | 48,906,174 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (158,065,598 | ) | (8,383,691 | ) | (166,449,289 | )
Total shareholders’ equity |  | 48,129,901 |  | (8,383,691 | ) | 39,746,210 |
Total liabilities and shareholders’ equity |  | 57,289,865 |  | (8,383,691 | ) | 48,906,174 |
Consolidated Statement of Operations
|  | Three Months Ended September 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 12,402 |  | $ | 969,255 |  | $ | 981,657 |
Total cost of uranium sales |  | 1,199,786 |  | 969,255 |  | 2,169,041 |
Loss from operations before corporate expenses |  | (1,199,786 | ) | (969,255 | ) | (2,169,041 | )
Loss from operations |  | (4,235,360 | ) | (969,255 | ) | (5,204,615 | )
Net Loss |  | (4,220,914 | ) | (969,255 | ) | (5,190,169 | )
Basic and diluted net loss per common share |  | (0.34 | ) | (0.08 | ) | (0.42 | )
Consolidated Statement of Operations
|  | Nine Months Ended September 30, 2012
|  | As Reported |  | Adjustment |  | As Restated |
Mineral property expenses |  | $ | 69,861 |  | $ | 3,145,836 |  | $ | 3,215,697 |
Total cost of uranium sales |  | 3,426,915 |  | 3,145,836 |  | 6,572,751 |
Loss from operations before corporate expenses |  | (3,426,915 | ) | (3,145,836 | ) | (6,572,751 | )
Loss from operations |  | (11,723,018 | ) | (3,145,836 | ) | (14,868,854 | )
Net Loss |  | (11,488,063 | ) | (3,145,836 | ) | (14,633,899 | )
Basic and diluted net loss per common share |  | (1.05 | ) | (0.29 | ) | (1.34 | )
Consolidated Statement of Cash Flows
|  | Nine Months Ended September 30, 2012 |
|  | As Reported |  | Adjustment |  | As Restated |
Net Loss |  | $ | (11,488,063 | ) | $ | (3,145,836 | ) | $ | (14,633,899 | )
Additions to uranium properties |  | (4,278,130 | ) | 3,145,836 |  | (1,132,294 | )
Consolidated Balance Sheet
|  | March 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 83,987,152 |  | (5,445,882 | ) | 78,541,270 |
Total Assets |  | 38,772,593 |  | (5,445,882 | ) | 33,326,711 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (138,404,631 | ) | (5,445,882 | ) | (143,850,513 | )
Total shareholders’ equity |  | 30,748,593 |  | (5,445,882 | ) | 25,302,711 |
Total liabilities and shareholders’ equity |  | 38,772,593 |  | (5,445,882 | ) | 33,326,711 |
Consolidated Statement of Operations
|  | Three Months Ended March 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 91,898 |  | 74,472 |  | 166,370 |
Total cost of uranium sales |  | 759,889 |  | 74,472 |  | 834,361 |
Loss from operations before corporate expenses |  | (759,889 | ) | (74,472 | ) | (834,361 | )
Loss from operations |  | (3,093,759 | ) | (74,472 | ) | (3,168,231 | )
Net loss |  | (3,026,493 | ) | (74,472 | ) | (3,100,965 | )
Basic and diluted net loss per common share |  | (0.32 | ) | (0.01 | ) | (0.33 | )
Consolidated Statement of Cash Flows
|  | Three Months Ended March 31, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (3,026,493 | ) | (74,472 | ) | (3,100,965 | )
Additions to uranium properties |  | (222,265 | ) | 74,472 |  | (147,793 | )
Consolidated Balance Sheet
|  | June 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 83,511,677 |  | (5,154,556 | ) | 78,357,121 |
Total Assets |  | 35,940,521 |  | (5,154,556 | ) | 30,785,965 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (141,097,312 | ) | (5,154,556 | ) | (146,251,868 | )
Total shareholders’ equity |  | 28,255,567 |  | (5,154,556 | ) | 23,101,011 |
Total liabilities and shareholders’ equity |  | 35,940,521 |  | (5,154,556 | ) | 30,785,965 |
Consolidated Statement of Operations
|  | Three Months Ended June 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 16,789 |  | (291,326 | ) | (274,537 | )
Total cost of uranium sales |  | 702,206 |  | (291,326 | ) | 410,880 |
Loss from operations before corporate expenses |  | (702,206 | ) | 291,326 |  | (410,880 | )
Loss from operations |  | (2,704,420 | ) | 291,326 |  | (2,413,094 | )
Net loss |  | (2,692,681 | ) | 291,326 |  | (2,401,355 | )
Basic and diluted net loss per common share |  | (0.29 | ) | 0.03 |  | (0.26 | )
Consolidated Statement of Operations
|  | Six Months Ended June 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 108,687 |  | (216,854 | ) | (108,167 | )
Total cost of uranium sales |  | 1,462,095 |  | (216,854 | ) | 1,245,241 |
Loss from operations before corporate expenses |  | (1,462,095 | ) | 216,854 |  | (1,245,241 | )
Loss from operations |  | (5,798,179 | ) | 216,854 |  | (5,581,325 | )
Net loss |  | (5,719,174 | ) | 216,854 |  | (5,502,320 | )
Basic and diluted net loss per common share |  | (0.61 | ) | 0.02 |  | (0.59 | )
Consolidated Statement of Cash Flows
|  | Six Months Ended June 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (5,719,174 | ) | 216,854 |  | (5,502,320 | )
Additions to uranium properties |  | (8,041 | ) | (216,854 | ) | (224,895 | )
Consolidated Balance Sheet
|  | September 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 83,557,195 |  | (5,194,436 | ) | 78,362,759 |
Total Assets |  | 33,744,608 |  | (5,194,436 | ) | 28,550,172 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (143,884,558 | ) | (5,194,436 | ) | (149,078,994 | )
Total shareholders’ equity |  | 25,626,119 |  | (5,194,436 | ) | 20,431,683 |
Total liabilities and shareholders’ equity |  | 33,744,608 |  | (5,194,436 | ) | 28,550,172 |
Consolidated Statement of Operations
|  | Three Months Ended September 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | (25,816 | ) | 39,880 |  | 14,064 |
Total cost of uranium sales |  | 773,241 |  | 39,880 |  | 813,121 |
Loss from operations before corporate expenses |  | (773,241 | ) | (39,880 | ) | (813,121 | )
Loss from operations |  | (2,827,097 | ) | (39,880 | ) | (2,866,977 | )
Net loss |  | (2,787,246 | ) | (39,880 | ) | (2,827,126 | )
Basic and diluted net loss per common share |  | (0.30 | ) | — |  | (0.30 | )
Consolidated Statement of Operations
|  | Nine Months Ended September 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 82,871 |  | (176,974 | ) | (94,103 | )
Total cost of uranium sales |  | 2,235,336 |  | (176,974 | ) | 2,058,362 |
Loss from operations before corporate expenses |  | (2,235,336 | ) | 176,974 |  | (2,058,362 | )
Loss from operations |  | (8,625,276 | ) | 176,974 |  | (8,448,302 | )
Net loss |  | (8,506,420 | ) | 176,974 |  | (8,329,446 | )
Basic and diluted net loss per common share |  | (0.91 | ) | 0.02 |  | (0.89 | )
Consolidated Statement of Cash Flows
|  | Nine Months Ended September 30, 2011 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (8,506,420 | ) | 176,974 |  | (8,329,446 | )
Additions to uranium properties |  | (114,778 | ) | (176,974 | ) | (291,752 | )
Consolidated Balance Sheet
|  | March 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 82,463,604 |  | (3,992,568 | ) | 78,471,036 |
Total Assets |  | 29,668,196 |  | (3,992,568 | ) | 25,675,628 |
Shareholders’ equity |  |  |  |  |  | 0 |
Accumulated deficit |  | (127,371,721 | ) | (3,992,568 | ) | (131,364,289 | )
Total shareholders’ equity |  | 20,788,394 |  | (3,992,568 | ) | 16,795,826 |
Total liabilities and shareholders’ equity |  | 29,668,196 |  | (3,992,568 | ) | 25,675,628 |
Consolidated Statement of Operations
|  | Three Months Ended March 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 0 |  | 70,309 |  | 70,309 |
Total cost of uranium sales |  | 587,199 |  | 70,309 |  | 657,508 |
Loss from operations before corporate expenses |  | (587,199 | ) | (70,309 | ) | (657,508 | )
Loss from operations |  | (2,345,448 | ) | (70,309 | ) | (2,415,757 | )
Net loss |  | (2,348,150 | ) | (70,309 | ) | (2,418,459 | )
Basic and diluted net loss per common share |  | (0.41 | ) | (0.01 | ) | (0.42 | )
Consolidated Statement of Cash Flows
|  | Three Months Ended March 31, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (2,348,150 | ) | (70,309 | ) | (2,418,459 | )
Additions to uranium properties |  | (160,394 | ) | 70,309 |  | (90,085 | )
Consolidated Balance Sheet
|  | June 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 82,492,622 |  | (4,019,098 | ) | 78,473,524 |
Total Assets |  | 37,051,948 |  | (4,019,098 | ) | 33,032,850 |
Shareholders’ equity |  |  |  |  |  | 0 |
Accumulated deficit |  | (129,092,277 | ) | (4,019,098 | ) | (133,111,375 | )
Total shareholders’ equity |  | 28,297,310 |  | (4,019,098 | ) | 24,278,212 |
Total liabilities and shareholders’ equity |  | 37,051,948 |  | (4,019,098 | ) | 33,032,850 |
Consolidated Statement of Operations
|  | Three Months Ended June 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 725 |  | 26,530 |  | 27,255 |
Total cost of uranium sales |  | 500,617 |  | 26,530 |  | 527,147 |
Loss from operations before corporate expenses |  | (500,617 | ) | (26,530 | ) | (527,147 | )
Loss from operations |  | (1,992,230 | ) | (26,530 | ) | (2,018,760 | )
Net loss |  | (1,720,556 | ) | (26,530 | ) | (1,747,086 | )
Basic and diluted net loss per common share |  | (0.29 | ) | — |  | (0.29 | )
Consolidated Statement of Operations
|  | Six Months Ended June 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 725 |  | 96,839 |  | 97,564 |
Total cost of uranium sales |  | 1,087,816 |  | 96,839 |  | 1,184,655 |
Loss from operations before corporate expenses |  | (1,087,816 | ) | (96,839 | ) | (1,184,655 | )
Loss from operations |  | (4,337,678 | ) | (96,839 | ) | (4,434,517 | )
Net loss |  | (4,068,706 | ) | (96,839 | ) | (4,165,545 | )
Basic and diluted net loss per common share |  | (0.70 | ) | (0.02 | ) | (0.72 | )
Consolidated Statement of Cash Flows
|  | Six Months Ended June 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (4,068,706 | ) | (96,839 | ) | (4,165,545 | )
Additions to uranium properties |  | (207,787 | ) | 96,839 |  | (110,948 | )
Consolidated Balance Sheet
|  | September 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 82,670,939 |  | (4,152,861 | ) | 78,518,078 |
Total Assets |  | 36,185,372 |  | (4,152,861 | ) | 32,032,511 |
Shareholders’ equity |  |  |  |  |  | 0 |
Accumulated deficit |  | (132,756,758 | ) | (4,152,861 | ) | (136,909,619 | )
Total shareholders’ equity |  | 26,127,217 |  | (4,152,861 | ) | 21,974,356 |
Total liabilities and shareholders’ equity |  | 36,185,372 |  | (4,152,861 | ) | 32,032,511 |
Consolidated Statement of Operations
|  | Three Months Ended September 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 0 |  | 133,763 |  | 133,763 |
Total cost of uranium sales |  | 645,637 |  | 133,763 |  | 779,400 |
Loss from operations before corporate expenses |  | (645,637 | ) | (133,763 | ) | (779,400 | )
Loss from operations |  | (3,730,998 | ) | (133,763 | ) | (3,864,761 | )
Net loss |  | (3,664,481 | ) | (133,763 | ) | (3,798,244 | )
Basic and diluted net loss per common share |  | (0.44 | ) | (0.02 | ) | (0.46 | )
Consolidated Statement of Operations
|  | Nine Months Ended September 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 725 |  | 230,602 |  | 231,327 |
Total cost of uranium sales |  | 1,733,453 |  | 230,602 |  | 1,964,055 |
Loss from operations before corporate expenses |  | (1,733,453 | ) | (230,602 | ) | (1,964,055 | )
Loss from operations |  | (8,068,676 | ) | (230,602 | ) | (8,299,278 | )
Net loss |  | (7,733,187 | ) | (230,602 | ) | (7,963,789 | )
Basic and diluted net loss per common share |  | (1.16 | ) | (0.03 | ) | (1.19 | )
Consolidated Statement of Cash Flows
|  | Nine Months Ended September 30, 2010 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net loss |  | (7,733,187 | ) | (230,602 | ) | (7,963,789 | )
Additions to uranium properties |  | (456,898 | ) | 230,602 |  | (226,296 | )

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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