Basis of Presentation

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements for Uranium Resources, Inc. (the “Company,” “we,” “us,” or “URI”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 U.S. GAAP for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in Uranium Resources, Inc.’s 2015 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, 2016 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2016.

Revision of Prior Period Financial Statements

Prior to the issuance of the Company’s Annual Report on Form 10-K for the period ended December 31, 2015, the Company identified an error in its previously reported financial statements that resulted in an adjustment of $0.6 million to the gain recorded upon the sale of the Company’s Roca Honda project assets for the three and nine month periods ended September 30, 2015. Upon the sale of the Roca Honda assets, the Company did not include the carrying value of its West Endy project in its determination of the amount of the gain.

The Company assessed the materiality of this error on the prior periods’ financial statements in accordance with the United States Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 99, and concluded that the error was not material to the financial condition for the current and prior interim periods. Consequently, in accordance with ASC 250, the Company corrected this error for all prior periods presented by revising the consolidated financial statements and other financial information contained herein.

The following table summarizes the effects of the revision on the consolidated statements of operations and balance sheets:

	As Filed			As Revised
	Three months ended September 30, 2015	Nine months ended September 30, 2015	Revision Adjustments	Three months ended September 30, 2015	Nine months ended September 30, 2015
Affected income statement items
Gain on disposal of uranium properties	$              4,916	$              4,916	$            (648)	$              4,268	$              4,268
Net income/(loss)	$                 305	$            (8,008)	$            (648)	$               (343)	$            (8,656)
Basic and diluted income/(loss) per share	$                0.12	$              (3.36)	$           (0.26)	$              (0.14)	$              (3.61)
Affected balance sheet items
Property, plant and equipment	$                      -	$            34,622	$            (648)	$                      -	$            33,974
Total assets		$            44,802	$            (648)		$            44,154

The revision had no net impact on the Company’s Statement of Cash Flows.

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. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our financial statements or related disclosures.