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SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2013
SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY | 7. SHAREHOLDERS’ EQUITY Reverse Stock Split Immediately following the close of trading on January 22, 2013 the Company affected a 1 for 10 reverse stock split for its common stock. With the reverse stock split, every ten shares of the Company’s issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split had no effect on the par value of the shares or the authorized number of shares of the Company. The reverse split reduced the number of URI’s outstanding common stock from approximately 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split as of December 31, 2012. The following table details the changes in shareholders’ equity for the quarter ended March 31, 2013:
|  | Common Stock |  | Paid-In |  | Accumulated |  | Treasury |
|  | Shares |  | Amount |  | Capital |  | Deficit |  | Stock |
Balances, December 31, 2012, as reported |  | 16,150,161 |  | $ | 16,154 |  | $ | 207,338,549 |  | $ | (162,201,908 | ) | $ | (9,418 |
Prior period adjustments |  | — |  | — |  | — |  | (8,974,335 | ) | — |
Balances, December 31, 2012, as restated |  | 16,150,161 |  | 16,154 |  | 207,338,549 |  | (171,176,243 | ) | (9,418 | )
Net loss, as restated |  | — |  | — |  | — |  | (4,473,447 | ) | — |
Stock compensation expense |  | — |  | — |  | 244,985 |  | — |  | — |
Common stock issued — payment of loan principal and interest |  | 1,992,127 |  | 1,992 |  | 5,093,841 |  | — |  | — |
Common stock issued — shareholder rights offering |  | 1,547,843 |  | 1,548 |  | 3,632,335 |  | — |  | — |
Common stock issued for services |  | 83,200 |  | 83 |  | 291,417 |  | — |  | — |
Restricted stock issuance |  | 48,350 |  | 48 |  | (48 | ) | — |  | — |
Balances, March 31, 2013, as restated |  | 19,821,681 |  | $ | 19,825 |  | $ | 216,601,079 |  | $ | (175,649,690 | ) | $ | (9,418 | )
See Note 8 — Stock Based Compensation, for further discussion of stock compensation expense and restricted stock issuance. Equity Infusion—Shareholder Rights Offering In March 2013, the Company completed the Rights Offering, whereby each URI shareholder and warrant holder received one non-transferrable subscription right for each share of common stock owned or subject to a warrant as of 5:00pm ET on January 28, 2013. Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. Under the Rights Offering, the Company raised $3.6 million in cash, net of expenses and $5.0 million was used to repay the short term financing from RCF, whereby RCF was issued 1.96 million shares of the Company’s common stock. Also in connection with the RCF loan facility the Company issued 4,861 and 26,482 shares of common stock in January and March 2013, respectively to pay fourth quarter 2012 and first quarter 2013 interest accrued on the loan of $16,667 and $79,167. Share Issuance for Services In January, 2013 the Company issued 83,200 shares to Cormark Securities, Inc. in satisfaction of $291,500 in fees related to the Neutron Energy, Inc. acquisition.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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