• We ended fiscal year 2019 on a high note, poised to enter a new phase of our company's development with our first funding award from the U.S. Department of Energy, DOE, a voucher from DOE's Gateway for Accelerated Innovation in Nuclear or GAIN program to support development of Lightbridge Fuel in collaboration with Idaho National Laboratory. … We believe that demonstrating excellent performance under the GAIN voucher will be helpful for our future grant applications. • Based on our contract with Idaho National Laboratory and others, at this time, we do not foresee issues relating to COVID-19, coronavirus slowing or postponing the work relating to the GAIN voucher. Facilities at Idaho National Lab are spread out over about 900 square miles. So it's a relatively easy place for people to stay apart. People who need to work on computers and offices, we hope, can work at home. • Everyone in our company can work from home, and we are prioritizing everyone's safety. • We believe the timing couldn't be better for Lightbridge to benefit from this historic bipartisan support for nuclear energy from the federal government. • Our balance sheet remains strong with a working capital surplus at December 31, 2019, of $18.1 million. … We are reducing our overhead spend for 2020. … Cash used in our operating activities for the year ended December 31, 2019, was approximately $6.7 million. • (consulting project with a nuclear regulatory authority overseas that will bring in some revenue) This seems to be moving forward. We're waiting for the overseas authorities to start work with us. • In the last several weeks, we've been working with the Idaho National Lab on the contract for the GAIN voucher work. And we expect to complete the contract and to begin work on the project in the coming weeks. • In parallel with our efforts under the GAIN voucher, we expect to separately contract with INL and others for the HALEU material and fabrication of the sample coupons for the experiment.
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