Q4 2023 Lightbridge Corp Earnings Call and Business Update Call

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Operator: Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Fiscal Year 2023 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Thank you, Abigail, and thanks to all of you for joining us today.

Thank you for standing by and welcome to the late <unk> Corporation business update.

2023 Conference call. Please note that today's call is being recorded it is now my pleasure to introduce Matthew <unk> director of Investor Relations for like Bridge Corporation.

Thank you Abigail and thanks to all of you for joining US today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page at <unk> website at Www Dot L. T Bridge Dotcom Joy.

Matthew Abenante: The company's earnings press release was distributed yesterday and can be viewed on the investor relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations, Scott Holcombe, Vice President of Engineering, Larry Goldman, Chief Financial Officer, and Sherrie Holloway, Controller. I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future.

Joining us on the call today is Seth Great Chief Executive Officer, along with Andre Boucher Cup Executive Vice President for nuclear operation.

Holcomb, Vice President of Engineering, Larry Goldman Chief Financial Officer, and Sherry Hollaway controller.

I'd like to remind our listeners that any statements on this call that are not historical facts are forward looking statements.

This presentation includes forward looking statements about the company's competitive position and product and service offerings.

During today's call words, such as expect anticipate believe and intend will be used their discussion of goals or events in the future. This.

Matthew Abenante: This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from those projected. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. Good morning, Seth. Thank you, Matt.

Presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates.

These and other risks are set forth in more detail and labor just filings with the Securities and Exchange Commission <unk> does not assume any obligation to update or revise any such forward looking statements, whether as a result of new developments or otherwise.

And with that I would like to turn the call over to our first speaker Seth Great Chief Executive Officer, Blake Rich good morning, Seth.

Seth Grae: And thank you all for joining us to discuss Lightbridge's 2023 results. I am pleased with the momentum building within the nuclear sector and the pivotal role Lightbridge is poised to play in this transformative period. Our advancements in fuel technology, combined with a growing network of strategic partnerships, position us to address the challenges and opportunities presented by the emerging global mandates to greatly expand nuclear capacity. In 2023, Lightbridge achieved several key milestones and made important advancements in our ongoing fuel development efforts. Earlier in the year, we strengthened our leadership team by welcoming Sherrie Goodman and Dr. Scott Holcombe to our team.

Thank you, Matt and thank you all for joining us to discuss light bridges 20 twenty-three results.

I am pleased with the momentum building within the nuclear sector and the pivotal role library, just poised to play in this transformative period.

Our advancements at fuel technology, combined with a growing network of strategic partnerships position us to address the challenges and opportunities presented by the emerging global mandates to greatly expand nuclear capacity.

In 2023 light bridge achieved several key milestones and made important advancements in our ongoing fuel development efforts.

Earlier in the year, we strengthened our leadership team by welcoming Sherry Goodman and Doctor Scott Hulk him to our team.

Seth Grae: Ms. Goodman, a recognized national security expert, joined Lightbridge as an independent director, bringing invaluable insights into the intersection of energy and national security. As our new Vice President of Engineering, Dr. Holcombe brings extensive expertise in nuclear fuel and materials development and management of interdisciplinary teams of engineers and subject matter experts, further bolstering our nuclear fuel technology leadership. In December, we announced an agreement with Centris Energy to conduct a front-end engineering and design study for a Lightbridge pilot fuel fabrication facility in Pikedon, Ohio. Centris currently hosts a U.S.-based production facility for high-assay, low-enriched uranium, or HALO, partnering with the U.S. Department of Energy on the site.

There's goodman are recognized National security expert joined the light bridge as an independent director, bringing invaluable insights into the intersection of energy and National Security.

As our new Vice President of Engineering, Dr. Hulton, who brings extensive expertise in nuclear fuel in materials development and management of interdisciplinary teams of engineers and subject matter experts further bolstering our nuclear fuel technology leadership.

In December we announced an agreement with Sentras energy to conduct a front end engineering and design study for a light bridge pilot fuel fabrication facility and piped in Ohio.

Sentras currently hosts a U S based production facility for high assay low enriched uranium or halo partnering with the U S Department of Energy D. O E. On the site. The key objective of the feed study is to determine the scope of work cost and schedule estimates and I.

Seth Grae: The key objective of the SEAD study is to determine the scope of work, cost and schedule estimates and identify key risk factors for establishing a Lightbridge pilot fuel fab facility. The results of this study will form the basis for a decision on the way to establish a Lightbridge pilot fuel fab facility, for the manufacture of full-length fuel rods for demonstrating and licensing Lightbridge fuel in commercial reactors. We have also entered into an agreement with the Petesti Nuclear Research Institute, known as RETEN ICN, based in Romania, to assess the compatibility of Lightbridge fuel for use in can-do reactors. This study will identify any critical parameters for further evaluation and design.

And then to five key risk factors for establishing a light bridge pilot fuel fab facility.

The results of this study will form the basis for a decision on the way for establishing a light bridge pilot field fab silly for manufacturer of falling fuel rods for demonstrating in licensing light bridge fuel in commercial reactors.

We also entered into an agreement with the protesting nuclear Research Institute known as return I C. N based in Romania to assess the compatibility of light bridge fuel for UC can do reactors. This study will identify any critical parameters for further evaluation and.

Seth Grae: The findings will guide future economic evaluations and support navigating potential regulatory licensing-related issues. If the feasibility of using Lightbridge fuel in CANDU reactors is confirmed, we believe this type of reactor may offer an opportunity for faster time to market due to the unique design and operating conditions of CANDU reactors. Last summer, we announced a research study led by Texas A&M University and including Lightbridge, New Scale Power, and Structural Integrity Associates as part of the DOE Nuclear Energy University Program R&D Award. This project focuses on thermal hydraulic modeling and testing, which aims to increase the understanding of the overall performance of lightbridge fuel under simulated normal and off-normal conditions in NuScale's SMR.

Design, the findings will guide future economic evaluations and support navigating potential regulatory licensing related issues.

If feasibility of using like Brookfield and can do reactors as confirmed we believe this type of reactor may offer an opportunity for faster time to market due to the unique design and operating conditions of can do reactors.

Last summer, we announced a research study led by Texas, A&M University, and including Light bridge, New scale power and structural integrity associates as part of the D O Nuclear Energy University program Orange D Awards.

This project focuses on thermal hydraulic modeling and testing, which aims to increase the understanding of the overall performance of life Richfield under stimulated normal and off normal conditions and new scales S. M. A R.

Seth Grae: This follows a similarly structured study with MIT announced in 2022 that focuses on neutronics modeling and safety evaluation of lightbridge fuel in a new scale SMR. In an effort to better communicate our fuel development progress to industry, investors, and other key stakeholders, Lightbridge is adopting the Technology Readiness Level, or TRL, system. We are using the TRL framework to plan our development in a logical and efficient way. The TRL system was originally developed by NASA and is widely recognized across technical industries. The Organization for Economic Cooperation and Development, the OECD, includes a nuclear energy agency, which provides a standardized TRL framework for assessing and communicating the maturity of nuclear fuel technology. As with NASA's TRLs, this framework encompasses a scale from 1 to 9, with TRL 1 representing the initial concept or theoretical stage, and TRL 9 denoting a technology that has been proven in its operational environment.

This follows a similarly structured study with M I T announced in 2022.

Our focus is on neutron ex modeling and safety evaluation of light bridge fuel and a new scale S. M. A R.

In an effort to better communicate our fuel development progress to industry investors and other key stakeholders light bridges, adopting the technology readiness level or T. R. L system, we are using the TRL framework to plan our development in a logical and efficient way the TRL CIS.

Tim was originally developed by NASA and is widely recognized across technical industries.

The organization for economic cooperation and development. The OECD includes the nuclear energy agency, which provides a standardized T. R. L. A framework for assessing and communicating the maturity of nuclear fuel technology.

As with Nasa's Trl's. This framework encompasses a scale from one to nine with T. R. L. One representing the initial concept our theoretical stage and T. R. L. Nine to note in your technology that has been proven in its operational environment.

Seth Grae: Utilizing the TRL system allows Lightbridge to map the development of our nuclear fuel technology against a clear standardized metric, enabling stakeholders to gauge progress in a structured and transparent manner. Currently, we believe Lightbridge Fuel is positioned at TRL 4 to 5, indicating a significant phase in our development process. At this stage, Lightbridge Fuel has moved beyond TRL 1 to 3 theoretical research and entered the realm of validation in a laboratory environment, or TRL 4, and preparations for validation in representative operating conditions, or TRL 5. This signifies that the core principles underlying Lightbridge Fuel have been successfully demonstrated through a number of computer modeling analyses and initial proof of concept experiments.

Utilizing the T. R. L system allows light bridge to map the development of our nuclear fuel technology against a clear standardized metric, enabling stakeholders gauge progress in a structured and transparent manner.

Currently we believe <unk> fuel is positioned at T O L. Four to five indicating a significant phase in our development process. The stage like bridge fuel has moved beyond T. R. L. One to three see Iraq theoretical research and entered into the realm of validation in a laboratory.

Our TRL four and preparations for validation and representative operating conditions are TRL five.

This signifies that the core principles underlying light bridge fuel have been successfully demonstrated through a number of computer modeling analyses and initial proof of concept experiments. We expect our ongoing project that I N L will generate in reactor data to further valley.

Seth Grae: We expect our ongoing project at INL will generate in-reactor data to further validate the thermophysical properties of our uranium zirconium alloy in coupon samples, which supports the late stages of TRL-4. As a next step, we plan to conduct radiation testing of rodlets with our uranium zirconium alloy to verify the technology's performance under conditions that will closely simulate operational scenarios. This work will support TRL-5.

Date, thermo physical properties of our uranium zirconium alloy in coupons samples, which supports late stages of TRL four.

Next step we plan to conduct irradiation testing of Rod lights, with our uranium zirconium alloy to verify the technology's performance under conditions that will closely simulate operational scenarios. This work will support TRL five.

Seth Grae: This will signify a pivotal transition from conceptual designs and laboratory tests to in-reactor testing in representative and actual conditions the fuel will experience in commercial reactors. This phase is critical for demonstrating our fuel's design, materials, performance, and identifying potential challenges, allowing for adjustments and enhancements before advancing to system prototype demonstration in operational environments, which make up TRL 6 and 7. Achieving TRL 4-5 is an important milestone that validates Lightbridge fuel and our achievements thus far and sets the stage for subsequent development steps, moving us closer to commercialization and widespread adoption of our advanced nuclear fuel, which will be TRL 8 and 9. I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to review our ongoing fuel development activities. Andrey?

This will significant will signify a pivotal transition from conceptual designs and laboratory tests to in reactor testing in representative and actual conditions of fuel experience in commercial reactors.

This phase is critical for demonstrating our fuels design materials performance and identify potential challenges, allowing for adjustments and enhancements before advancing to system prototype demonstration and operational environments, which makeup TRL six and seven.

Achievement charter out four to five is an important milestone that validates <unk> fuel and our achievements, thus far and sets the stage for subsequent development steps moving us closer to commercialization and widespread adoption of our advanced nuclear fuel, which will be T. R. L eight and nine.

I'll turn the call over to Andre moves Chicago Executive VP for nuclear operations to review, our ongoing fuel development activities Andre.

Andrey Mushakov: Thank you, Seth. I'll now discuss our ongoing project at Idaho National Laboratory. In 2023, we completed several key project milestones at the National Laboratory. First, the issue of the Quality Implementation Plan for our collaborative project to ensure work conducted by the International Laboratory and the resulting test data on our project would meet nuclear industry quality assurance requirements. Two, we issue the fuel specification for the coupons that we're currently working on to prepare for irradiation testing on the advanced test. Three, and others. Thank you. Characterization.

Thank you Seth.

I will discuss our ongoing voyage.

However, it's worth it.

In 2023, we completed several key project milestones with National Laboratory.

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Issued a quality implementation plan well collaborative project the onshore work.

The data from National Laboratory, and the result of that is based on a project with nuclear industry quality assurance requirements.

<unk> issued its fuel specification for the coupon samples.

We are currently working on.

To prepare for irrigation based and the advanced test reactor.

Three before the initial cast them and characterization.

Andrey Mushakov: Executive are involved in indicates using Idaho National Laboratory's existing equipment with depleted uranium and zirconium alloy materials, and others have performed additional casting of larger size ingots using depleted uranium and zirconium material. This year, in 2024, we plan to, Number one, continue to validate the casting process on scaled-up ingots with depleted uranium. Chu formed the initial extrusion demonstration with uranium using larger size ingots. 3. Advance our procurement efforts for custom Lightbridge extrusion tooling for the IREF National Laboratories facility. 5.

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Uhm, Idaho National laboratory as existing equipment.

Uranium zirconium alloy materials and four.

Additional cash some larger sizes.

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And third quarter materials.

This year in 2024, we plan to.

Number one continue to validate the <unk>.

That's in process some scaled up.

Uranium.

Before him initial extortion demonstration.

Uranium using larger size ingots.

Three.

So procurement efforts cost them languish extrusion tooling.

No laboratory facility.

Scott Holcombe: Updating Tronic and Thermal Analysis for the experimental data pack. Once the demonstration working with depleted uranium produced acceptable results, the National Laboratory will manufacture coupons using enriched uranium for insertion in the Advanced Test Reactor for radiation-tasting on their Conditions, the performance of all fuel. This work supports the late stages of DRL 4. Experimental data obtained during subsequent post-radiation examination work, and the future project task statement, under our existing agreement with the International Laboratory, will be vital for our model development and validation. Now I'll ask Scott Holcombe, our Vice President of Engineering, to give us an update on several other ongoing projects and initiatives.

And five updating chronic and terminal analyses.

So the experimental basic package.

Once the demonstration work was depleted uranium produced acceptable results.

Listen our celebratory no manufacturing group on samples and enriched uranium for insertion in the advanced test reactor irradiation basin.

I'm there.

On the conditions.

We will simulate.

The performance of fossil fuel.

This work supports the late stages.

For experimental data obtained during subsequent authorizations in the Nation Award.

Or at least the future project capacity.

Our existing agreements with National Laboratory the rifle.

I feel for our models and validation efforts.

Now I will ask Scott Hawkes, Vice President of engineering to give us an update on several other ongoing projects and initiatives Scott.

Scott Holcombe: Thank you, Andrey. First, we are expanding our fuel development team. This expansion aims to build our in-house computer modeling capabilities in critical areas such as neutronics, thermohydraulics, fuel performance, and transient analyses. We believe this will support advancement through TRL levels 4 to 9 as it underpins our ability to model and simulate our fuel's behavior under various operating conditions, an essential aspect of our development process. Additionally, we're progressing with our engineering study for the use of Lightbridge fuel and CANDU reactors in collaboration with Spratlin ICN. This study is evaluating the compatibility and suitability of Lightbridge fuel for use in can-do pressurized heavy water reactors, which spans activities pre-TRL Level 4, confirming the feasibility of our fuel in another reactor type. Finally, our announced feed study for our Lightbridge Pilot Fuel Fabrication Facility in Python, Ohio with Centris Energy could support activities across PRL Levels 5 to 8, moving us closer to realizing our vision for commercial-scale fuel rod manufacturing. With that, I'll turn the call back over to Seth.

Thank you Andre.

First we are expanding our field development team.

This expansion aims to build our in house computer modeling capabilities in critical areas, such as neutron ex thermal hydraulics fuel performance transient analysis.

We believe this will support advancement through TRL levels four to nine as it underpins our ability to model and stimulate our fuels behavior under various operating conditions in a central aspect of our development process.

Additionally, we are progressing with our engineering study for the use of library fuel and can do reactors in collaboration with scrapping ICM.

This study is evaluating the compatibility and suitability of like bridge fuel for yourself can do pressurized heavy water reactors, which spans activities.

RL level for confirming the feasibility of our fuel another reactor type.

Finally, our announced feed study for our <unk> pilot fuel fabrication facility in pipe in Ohio, with Central energy could support activities across PRL levels five to eight moving us closer to realizing our vision for commercial scale manufacturing.

With that I'll turn the call back over to Seth.

Seth Grae: Well, thank you, Scott. For the first time at a U.N. COP conference of the parties, a global climate change event, at COP 28 in December in Dubai, nuclear energy was recognized alongside other clean energy sectors in the negotiations final statement. In addition, the United States and over 20 other countries have pledged to triple nuclear energy capacity globally by 2050. This ambitious goal requires maintaining the operation of approximately 400 large nuclear reactors currently in operation worldwide, including 93 in the United States, and building around 800 more large reactors. This would represent an unprecedented expansion of nuclear power infrastructure. Today, nearly three months after COP 28, there are 62 large reactors under construction, with over 100 more planned to be built, and public proposals for another 300 reactors. Almost all of these are for large reactors.

Well, thank you Scott.

For the first time at a U N Cop conference of the parties global climate change events at Cop 28 in December in Dubai Nuclear energy was recognized alongside other clean energy sectors in the negotiations final statement.

In addition, the United States and over and over 20 other countries pledged to triple nuclear energy capacity globally by 2050.

This ambitious goal requires maintaining the operation of approximately 400 large nuclear reactors currently in operation worldwide, including 93 in the United States and construction constructing around 800 more large reactors.

This would represent an unprecedented expansion of nuclear power infrastructure.

Today, nearly three months after cop 28, there are 62 large reactors under construction with over 100 more plans to be built.

And public proposals for another 300 reactors.

Almost all of these are for large reactors. Moreover, should the industry shifts its focus towards small modular reactors the required number could escalate dramatically potentially to thousands of units depending on their individual capacities.

Seth Grae: Moreover, should the industry shift its focus toward small modular reactors, the required number could escalate dramatically, potentially to thousands of units, depending on their individual capacity. We are seeing signs of the shift toward greater demand for nuclear power across the supply chain, not just in license extension for existing plants and new reactor builds but also restarts of previously shut down reactors. Uranium prices are approaching record highs, across both the commodity and ETFs, outpacing even the NASDAQ 100 index since the pandemic.

We are seeing signs of the shift towards greater demand for nuclear power across the supply chain not just in license extension for existing plants and reactor new builds but also restarts of previously shut down reactors.

Uranium prices are approaching record highs across both the commodity and Etf's outpacing even the NASDAQ100 index since the pandemic.

Seth Grae: This approaching nuclear expansion could increase the potential size of the addressable market for Lightbridge fuel. We anticipate a potential increase in demand for more efficient, safer, and economically viable nuclear fuel. This makes Lightbridge fuel an attractive option for both existing reactors and future plants being built today and in the future.

This approaching nuclear expansion could increase the potential size of addressable market for light bridge fuel, we anticipate a potential increase in demand for more efficient safer and economically viable nuclear fuel. This makes life rich fuel an attractive option for both the <unk>.

Existing reactors and the future plants being built today and in the future.

Seth Grae: Looking forward, our focus remains on advancing our fuel development, strengthening our collaborations with both industry and academic partners, and hitting our key milestones. Our ongoing research and development efforts and strong intellectual property portfolio position us favorably in an industry set to expand dramatically throughout the world, ensuring that Lightbridge remains at the forefront of the nuclear renaissance that's underway. I will now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial results. Okay, Larry?

Going forward, our focus remains on advancing our fuel development strengthening our collaboration with both industry and academic partners and hitting our key milestones are.

Our ongoing research and development efforts and strong intellectual property portfolio position us favorably and an industry set to expand dramatically throughout the world ensuring that light bridge remains at the forefront of the nuclear Renaissance that's underway.

I will now turn the call over to Larry Goldman Chief Financial Officer to summarize the company's financial results Larry.

Lawrence Goldman: Thank you, Seth, and good morning, everyone. For further information regarding our year-end 2023 financial results and disclosures, please refer to our earnings release that we filed yesterday, as well as our annual report on Form 10-K that will be filed with the Securities and Exchange Commission within the next few days. The company's working capital position was $28.3 million at December 31st, 2023, versus $28.7 million at December 31st, 2022. Total assets were $29.4 million, and total liabilities were $0.5 million at December 31, 2023. Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders, as well as our external stakeholders, such as the federal government, to ensure that we have sufficient working capital, as well as the ability to access capital in the future in order to conduct our R&D activities.

Thank you Seth and good morning, everyone for further information regarding our year end 2023 financial results and disclosures. Please refer to our earnings release that we filed yesterday as well as our annual report on Form 10-K that will be filed with the securities and Exchange Commission.

Within the next few days.

The company's working capital position was $28 $3 million at December 31, 2023 versus $28 7 million at December 31, 2022.

It'll assets were $29 4 million and total liabilities were <unk> 5 million at December 31, 2023.

Today, we have ample working capital and financial flexibility to support our near term fuel development expenditures.

This is very important to light bridge, and our stockholders as well as our external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future in order to conduct our R&D activities.

Lawrence Goldman: Total cash and cash equivalents were $28.6 million as compared to $28.9 million at December 31, 2022, a decrease of $0.3 million for the year ended December 31, 2023. Total cash used in operating activities for the year ended December 31, 2023 was $6.5 million, a decrease of $0.2 million compared to the $6.7 million of cash used in operating activities for the year ended December 31, 2022. Total cash provided by financing activities for the year ended December 31, 2023 was $6.2 million, a decrease of $4.7 million compared to the $10.9 million for the year ended December 31, 2022. This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at-the-market, or ATM, facilities. In support of our long-term business and future financing requirements with respect to our fuel development, we expect to continue to seek government funding in the future, along with new strategic alliances that may contain cost-sharing contributions and additional funding from others in order to help fund our future R&D milestones, leading to the commercialization of Lightbridge fuel. I will now turn the call over to Sherrie Holloway, our controller, who will go over our P&L financial information Sherrie?

Total cash and cash equivalents were $28 6 million as compared to $28 9 million at December 31, 2022.

Decrease of <unk> 3 million for the year ended December 31 2023.

Total cash used in operating activities for the year ended December 31, 2023 was $6 5 million a decrease of <unk> 2 million compared to the $6 7 million of cash used in operating activities for the year ended December 31 2022.

Total cash provided by financing activities for the year ended December 31, 2023, with $6 2 million a decrease of $4 7 million compared to $10 9 million for the year ended December 31 2022.

This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at the market or ATM facility.

In support of our long term business and future financing requirements with respect to our field development. We expect to continue to see government funding in the future along with new strategic alliances and may contain cost sharing contributions and additional funding from others in order to help us.

And our future R&D milestones, leading to the commercialization of <unk> fuel.

I will now turn the call over to Sherri Holloway, our controller, who will go over our P&L financial information for the year 2023 Sherri.

Sherrie Holloway: Thank you, Larry. Net loss was $7.9 million for the year ended December 31, 2023, compared to $7.5 million for the year ended December 31, 2022. Total R&D expenses amounted to $1.9 million for the year ended December 31, 2023 compared to $0.7 million for the year ended December 31, 2022, an increase of $1.2 million. This increase was primarily due to the increase in R&D activities related to the development of our fuel.

Thank you Larry.

Net loss was seven $9 million for the year ended December 31, 2023, compared to seven 5 million for the year ended December 31 2022.

Total R&D expenses amounted to $1 9 million for the year ended December 31, 2023, compared to <unk> 7 million for the year ended December 31 2022.

An increase of $1 $2 million.

This increase was primarily due to the increase in R&D activities related to the development of our field.

Sherrie Holloway: This increase primarily consisted of an increase in INL project labor costs of $0.8 million, an increase in allocated employee compensation and employee benefits of $0.4 million, an increase in consulting expenses of $0.1 million, an increase in travel expenses of $0.1 million, and an increase in stock-based compensation expenses of $0.1 million. This increase was offset by a decrease of $0.3 million primarily related to the Gateway for Accelerated Innovation in Nuclear Gain, voucher work recorded as research and development expenses in 2022 that was completed in the first quarter of 2023. Total G&A expenses were $7.1 million for the year ended December 31, 2023, compared to $7.5 million for the year ended December 31, 2022. The decrease of $0.4 million was primarily due to a decrease in employee compensation and employee benefits of $0.4 million due to an increase in the time allocation percentage of in-house employee labor costs to research and development expenses.

This increase primarily consisted of an increase and I know project labor cost.

$8 million, an increase in allocated employee compensation and employee benefits.

$4 million, an increase in consulting expenses of <unk> $1 million, an increase in travel expenses.

$1 million and an increase in stock based compensation expenses.

$1 million.

This increase was offset by a decrease of <unk> $3 million, primarily related to the gateway, Chris celebrating innovation and nuclear.

Voucher work recorded as research and development expenses in 2022 that was completed in the first quarter of 2023.

Total G&A expenses were $7 1 million for the year ended December 31, 2023, compared to $7 5 million for the year ended December 31st 2022.

The decrease of <unk> 4 million was primarily due to a decrease in employee compensation and employee benefits.

$4 million due to the increase in the time allocation percentage of in house employee labor cost to research and development expenses.

Sherrie Holloway: A decrease in consulting expenses of $0.1 million. The decrease in Insurance Suspense of $0.1 million, decrease in dues and subscriptions of $0.1 million, and a decrease in promotion expenses of $0.1 million, offset by an increase in stock-based compensation of $0.4 million, which was due to the partial vesting of restricted stock awards granted in 2022. Total stock-based compensation included in G&A expenses was $1.1 million for the years ended December 31, 2023, and 2022. Total other operating income was zero for the year ended December 31st, 2023, compared to.4 million for the year ended December 31st, 2022. This $0.4 million decrease was due to the GAIN voucher project that was completed in the first quarter of 2023. Total other income was $1.1 million for the year ended December 31, 2023 compared to other income of $0.3 million for the year ended December 31, 2022, an increase of $0.8 million. The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills and from our bank savings account.

A decrease in consulting expenses.

$1 million.

Decrease in insurance expense.

$1 million.

Decrease in dues split subscriptions of <unk> $1 million and a decrease in promotion expenses of $1 $1 million.

Offset by increase in stock based compensation of $24 million, which was due to the partial vesting of restricted stock awards granted in 2022.

Total stock based compensation included in G&A expenses.

One $1 million for the years ended December 31, 2023 and 2022.

Total other operating income was zero for the year ended December 31 2023.

<unk> two 4 million for the year ended December 31 2022.

This $4 million decrease was due to the gain voucher project that was completed in the first quarter of 2023.

Total other income was $1 1 million for the year ended December 31, 2023 and tiers.

Other income of <unk> 3 million for the year ended December 31 2022.

An increase of $8 million.

The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills from our bank savings account.

Seth Grae: Back to you, Seth. Thank you, Sherrie. And thank you, everybody, for participating in today's call. I understand there are no questions. We look forward to providing additional updates. In the meantime, you can reach us at ir at ltbridge.com.

Back to you Seth.

Thank you Sherry.

And thank you everybody for participating on today's call I understand there aren't questions. We look forward to providing additional updates in the meantime, you can reach us at IR at L. T Bridge Dot com stay safe and well goodbye.

Operator: Stay safe and well. Goodbye. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Thank you for your participation in today's conference. This does conclude the program you may now disconnect.

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