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BASIS OF PRESENTATION
9 Months Ended
Sep. 30, 2014
BASIS OF PRESENTATION  
BASIS OF PRESENTATION

 

1. BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.’s 2013 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2014.

 

Restatement of Previously Reported Consolidated Financial Information

 

On December 17, 2013, Uranium Resources, Inc. (collectively, the “Company,” “we,” “us,” or “URI”) filed an amended Quarterly Report on Form 10-Q/A (the “Form 10-Q/A”) to its Quarterly Report on Form 10-Q for the period ended September 30, 2013 to amend and restate the Company’s condensed consolidated financial statements and related disclosures as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 by reclassifying costs from property, plant and equipment to mineral property expenses. The consolidated financial statements and related disclosures in this Quarterly Report on Form 10-Q, as it relates to the period ended September 30, 2013, incorporate the effects of this restatement.

 

Recently Issued Accounting Pronouncements

 

In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.