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RESTATEMENT | 6 Months Ended
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Jun. 30, 2013
RESTATEMENT |
RESTATEMENT | 3. 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. As a result, the Company has amended and restated its consolidated financial statements for the years ended December 31, 2012, 2011 and 2010, to reflect a cumulative adjustment to mineral property expenditures of $8,974,000 up to December 31, 2012. These adjustments to property expenditures were previously capitalized as property, plant and equipment. The Company has also restated the March 31, 2013 and 2012 and the June 30, 2013and 2012 interim financial statements 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. As a result, the Company has amended and restated the interim consolidated balance sheet as of June 30, 2013 to expense $673,000 of costs incurred during the six month period ended June 30, 2013 that were previously capitalized as development costs to mineral property expenses. The interim consolidated statements of operations for the six-month period ended June 30, 2013 and 2012 were amended and restated to expense $673,000 and $2,177,000, respectively, of costs previously capitalized as development costs to mineral property expenses. Corresponding changes were made to the interim statements of cash flows for the six-months ended June 30, 2013 and 2012. Consolidated Balance Sheet
|  | June 30, 2013 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Assets |  |  |  |  |  |  |
Property, plant and equipment |  | 109,566,339 |  | (9,647,304 | ) | 99,919,035 |
Total Assets |  | 53,837,593 |  | (9,647,304 | ) | 44,190,289 |
Shareholders’ equity |  |  |  |  |  |  |
Accumulated deficit |  | (170,199,086 | ) | (9,647,304 | ) | (179,846,390 | )
Total shareholders’ equity |  | 46,316,280 |  | (9,647,304 | ) | 36,668,976 |
Total liabilities and shareholders’ equity |  | 53,837,593 |  | (9,647,304 | ) | 44,190,289 |
Consolidated Statement of Operations
|  | Three Months Ended June 30, 2013 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 652,455 |  | 350,114 |  | 1,002,569 |
Total cost of uranium sales |  | 1,854,942 |  | 350,114 |  | 2,205,056 |
Loss from operations before corporate expenses |  | (1,854,942 | ) | (350,114 | ) | (2,205,056 | )
Loss from operations |  | (3,831,987 | ) | (350,114 | ) | (4,182,101 | )
Net loss |  | (3,846,586 | ) | (350,114 | ) | (4,196,700 | )
Basic and diluted net loss per common share |  | (0.19 | ) | (0.02 | ) | (0.21 | )
Consolidated Statement of Operations
|  | Six Months Ended June 30, 2013 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Mineral property expenses |  | 751,360 |  | 672,969 |  | 1,424,329 |
Total cost of uranium sales |  | 3,093,827 |  | 672,969 |  | 3,766,796 |
Loss from operations before corporate expenses |  | (3,093,827 | ) | (672,969 | ) | (3,766,796 | )
Loss from operations |  | (7,752,087 | ) | (672,969 | ) | (8,425,056 | )
Net loss |  | (7,997,178 | ) | (672,969 | ) | (8,670,147 | )
Basic and diluted net loss per common share |  | (0.43 | ) | (0.04 | ) | (0.47 | )
Consolidated Statement of Cash Flows
|  | Six Months Ended June 30, 2013 |
|  | As Reported |  | Adjustment |  | As Restated |
|  | $ |  | $ |  | $ |
Net Loss |  | (7,997,178 | ) | (672,969 | ) | (8,670,147 | )
Additions to uranium properties |  | (788,213 | ) | 672,969 |  | (115,244 | )
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 | )

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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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