FORM 10-QSB
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2003
Commission file number:
0-22923
INTERNATIONAL ISOTOPES INC.
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(Exact name of registrant as specified in its charter)
Texas 74-2763837
------------------------ ------------------------------------
(State of incorporation) (IRS Employer Identification Number)
4137 Commerce Circle, Idaho Falls, Idaho 83401
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(Address of principal executive offices) (zip code)
208-524-5300
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ]
As of July 22, 2003 the number of shares of Common Stock, $.01 par value,
outstanding was 95,572,893.
INTERNATIONAL ISOTOPES INC.
TABLE OF CONTENTS
Page No.
PART I - FINANCIAL INFORMATION:
Item 1 - Financial Statements:
Condensed Consolidated Balance Sheets at June 30, 2003
(unaudited) and December 31, 2002 3
Unaudited Condensed Consolidated Statements of
Operations for the Three Months Ended June 30, 2003
and 2002, and for the Six Months Ended June 30, 2003
and 2002 4
Unaudited Condensed Consolidated Statements of Cash
Flows for the Six Months Ended June 30, 2003 and 2002 5
Notes to Unaudited Condensed Consolidated Financial
Statements 6
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Item 3 - Controls and Procedures 12
PART II - OTHER INFORMATION:
Item 6 - Exhibits and Reports on Form 8-K 12
SIGNATURES 13
2
Part I. Financial Statements
Item 1. Financial Statements
INTERNATIONAL ISOTOPES INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
June 30, December 31,
2003 2002
Assets (unaudited)
--------------------------------------------------- ------------ ------------
Current assets:
Cash and cash equivalents $ 824,518 $ 441,904
Accounts receivable 213,812 218,923
Assets held for sale -- 607,531
Inventories 2,133,969 2,279,828
Prepaids and other current assets 101,985 128,830
------------ ------------
Total current assets 3,274,284 3,677,016
Property, plant and equipment, net 312,330 236,053
------------ ------------
Total assets $ 3,586,614 $ 3,913,069
============ ============
Liabilities, Manditorily Redeemable Preferred Stock
and Stockholders' Deficit
---------------------------------------------------
Current liabilities
Accounts payable $ 215,552 $ 257,776
Deferred revenue 88,872 --
Accrued liabilities 142,722 342,091
Note payable related to assets held for sale -- 345,295
Current installments of mortgage and notes payable to banks 1,717,107 1,226,520
------------ ------------
Total current liabilites 2,164,253 2,171,682
Mortgage and notes payable to banks, excluding current installments 924,290 909,738
------------ ------------
Total liabilities 3,088,543 3,081,420
Mandatorily redeemable preferred stock, $0.01 par value; 5,000,000 shares 850,000 850,000
authorized; 850 shares issued and outstanding; liquidation value $850,000
Stockholders' deficit
Common stock, $0.01 par value; 250,000,000 shares authorized,
95,572,893 and 95,581,135 shares issued and outstanding respectively 955,730 955,812
Additional paid-in capital 86,416,084 86,416,002
Accumulated deficit (87,723,743) (87,390,165)
------------ ------------
Total stockholders' deficit (351,929) (18,351)
------------ ------------
Total liabilities and stockholders' deficit $ 3,586,614 $ 3,913,069
============ ============
See accompanying notes to condensed consolidated financial statements.
3
INTERNATIONAL ISOTOPES INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
Three Months ended June 30, Six Months ended June 30,
--------------------------- ---------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenues $ 785,262 $ 624,084 $ 1,144,683 $ 1,150,396
Cost of revenues 430,567 371,422 641,650 572,240
----------- ----------- ----------- -----------
Gross profit 354,695 252,662 503,033 578,156
----------- ----------- ----------- -----------
Operating costs and expenses:
Salaries and contract labor 110,982 117,765 213,752 255,080
General, administrative and consulting 290,552 425,654 576,564 540,827
----------- ----------- ----------- -----------
Total operating expenses 401,534 543,419 790,316 795,907
----------- ----------- ----------- -----------
Operating loss (46,839) (290,757) (287,283) (217,751)
Other income (expense):
Other income 20,867 563,829 33,398 565,710
Interest income 1,402 -- 2,506 --
Interest expense (50,281) (44,669) (82,199) (88,611)
----------- ----------- ----------- -----------
Earnings (loss) from continuing operations (74,851) 228,403 (333,578) 259,348
----------- ----------- ----------- -----------
Preferred stock dividend, deemed dividend
and accretion of discount -- -- -- (349,242)
----------- ----------- ----------- -----------
Net profit (loss) applicable to common shareholders $ (74,851) $ 228,403 $ (333,578) $ (89,894)
=========== =========== =========== ===========
Net profit (loss) per common share
Basic $ -- $ -- $ -- $ --
Diluted $ -- $ -- $ -- $ --
=========== =========== =========== ===========
See accompanying notes to condensed consolidated financial statements.
4
INTERNATIONAL ISOTOPES INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
Six Months ended June 30,
2003 2002
------------ ------------
Cash flows from operating activities:
Net earnings (loss) $ (333,578) $ 259,348
Adjustments to reconcile net earnings (loss) to net
cash used in operating activities
Depreciation and amortization 44,159 38,873
Release of contingent debt -- (500,000)
Changes in operating assets and liabilities:
Accounts receivable 5,111 (121,684)
Prepaids and other assets 26,845 241,440
Inventories 145,859 213,897
Accounts payable and accrued liabilities (241,593) 58,312
Checks written in excess of cash in bank -- (101,714)
Deferred revenue 88,872 --
------------ ------------
Net cash provided by (used in) operating activities (264,325) 88,472
------------ ------------
Cash flows from investing activities:
Purchase of property, plant and equipment (102,913) (26,530)
Proceeds from sale of assets held for sale 262,235 --
------------ ------------
Net cash provided by (used in) investing activites 159,322 (26,530)
------------ ------------
Cash flows from financing activities:
Repurchase of preferred stock -- (86,832)
Proceeds from issuance of debt 743,500 20,000
Principal payments on debt (255,883) (32,386)
------------ ------------
Net cash (used in) provided by financing activities 487,617 (99,218)
------------ ------------
Net increase (decrease) in cash and cash equivalents 382,614 (37,276)
Cash and cash equivalents at beginning of period 441,904 293,969
------------ ------------
Cash and cash equivalents at end of period $ 824,518 $ 256,693
============ ============
Supplemental disclosure of cash flow activities:
Cash paid for interest $ 118,183 $ 97,905
============ ============
Supplemental disclosure of noncash transactions:
Acquisition of equipment for note payable $ 17,523 $ --
------------ ------------
Sale of assets held for sale through assumption of debt 345,295 0
------------ ------------
Common stock issued in preferred stock conversion -- 16,080,923
------------ ------------
Conversion of accrued interest to notes payable -- 132,737
------------ ------------
See accompanying notes to condensed consolidated financial statements
5
INTERNATIONAL ISOTOPES INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements
(1) The Company and Basis of Presentation
International Isotopes Inc. (the Company) was incorporated in Texas in 1995. The
Company is focused primarily on generating revenues from manufacturing nuclear
medicine calibration and reference standards, processing Topaz Gemstones, and
the production of High Specific Activity (HSA) cobalt from a Department of
Energy test reactor (ATR). As of June 30, 2003, the Company had 11 full time
employees.
Principles of Consolidation - The consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries Gazelle Realty, Inc.
and International Isotopes Idaho, Inc. All significant intercompany accounts and
transactions have been eliminated in consolidation.
Interim Financial Information - 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 pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do not include all of the
information and notes required by accounting principles generally accepted in
the United States of America for complete financial statements. In the opinion
of management, all adjustments and reclassifications considered necessary for a
fair and comparable presentation have been included and are of a normal
recurring nature. Operating results for the six-month period ended June 30, 2003
are not necessarily indicative of the results that may be expected for the year
ending December 31, 2003. The accompanying financial statements should be read
in conjunction with the Company's most recent audited financial statements.
Stock-based Compensation Plans - The Company accounts for stock options issued
to directors, officers and employees under Accounting Principles Board Opinion
No. 25 and related interpretations ("APB 25"). Under APB 25, compensation
expense is recognized if an option's exercise price on the measurement date is
below the fair value of the Company's common stock. For options that provide for
cashless exercise or that have been modified, the measurement date is considered
the date the options are exercised or expire. Those options are accounted for as
variable options with compensation adjusted each period based on the difference
between the market value of the common stock and the exercise price of the
options at the end of the period. The Company accounts for options and warrants
issued to non-employees at their fair value in accordance with SFAS No. 123,
"Accounting for Stock-Based Compensation" ("SFAS 123").
No compensation cost has been recognized for its stock options in the
accompanying consolidated financial statements. Had the Company determined
compensation cost based on the fair value at the grant date for its stock
options under SFAS No. 123, the Company's net loss applicable to common
shareholders would have been increased to the pro forma amounts indicated below
for the six months ended June 30, 2003 and 2002:
6
For the Six Months Ended
June 30,
-------------------------
2003 2002
---------- ----------
Net loss applicable to common shareholders,
as reported $ (333,578) $ (89,894)
Deduct: Total stock-based employee compensation
expense determined under fair value based
method for all awards (54,738) (103,756)
---------- ----------
Pro forma net loss applicable to common shareholders $ (388,316) $ (193,650)
========== ==========
Basic and diluted loss per common share as reported $ (0.00) $ (0.00)
========== ==========
Basic and diluted loss per common share pro forma $ (0.00) $ (0.00)
========== ==========
Recent Accounting Pronouncements - In May 2003 the FASB issued SFAS No. 150,
"Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity", which requires that certain financial instruments be
presented as liabilities that were previously presented as equity or as
temporary equity. Such instruments include mandatory redeemable preferred and
common stock, and certain options and warrants. SFAS 150 is effective for
financial instruments entered into or modified after May 31, 2003 and is
generally effective at the beginning of the first interim period beginning after
June 15, 2003. The Company adopted SFAS 150 at July 1, 2003 which will require
the Company to reclassify its 850 shares of mandatorily redeemable preferred
stock with a redemption value and carrying amount of $850,000 from temporary
equity to long-term liabilities. The adoption of this standard will have no
effect on net loss.
In November 2002, the FASB issued Financial Interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others." FIN 45 sets forth the disclosures
required to be made by a guarantor in its financial statements about its
obligations under certain guarantees that it has issued. It also clarifies that
a guarantor is required to recognize, at the inception of a guarantee, a
liability for the fair value of the obligation undertaken in issuing the
guarantee. The Company adopted the requirements FIN 45 in the accompanying
financial statements.
(2) Current Developments and Liquidity
Business Condition - Since inception, the Company has suffered substantial
losses. During the period ended June 30, 2003 the Company had a loss of
$333,578. During the period ended June 30, 2002, the Company had earnings before
preferred dividends of $259,348. During the period ended June 30, 2003, the
Company's operations used cash of $264,325 in operating activities. During the
period ended June 30, 2002, the Company's operations provided cash from
operating activities of $88,472. Management expects to generate sufficient cash
flows to meet operational needs during the remainder of 2003 through financing
and operating capital; however, there is no assurance that these cash flows will
occur.
7
(3) Net Loss Per Common Share - Basic and Diluted
Basic earnings (loss) per share excludes dilution for potentially dilutive
securities and is computed by dividing earnings (loss) applicable to common
stockholders by the weighted average number of common shares outstanding during
the period.
Diluted earnings (loss) per share, which is computed on the basis of the
weighted average number of common shares and all potentially dilutive securities
outstanding during the period, factors in potentially dilutive securities and
adding back any convertible dividend (except if the effect is anti-dilutive).
The computation of basic and diluted earnings (loss) per share is as follows:
For the Three Months Ended For the Six Months Ended
June 30, 2003 June 30, 2002 June 30, 2003 June 30, 2002
------------- ------------- ------------- -------------
Profit (loss) from continuing operations $ (74,851) $ 228,403 $ (333,578) $ 259,348
Convertible preferred stock dividend, deemed
dividend and accretion of discount - - - (349,242)
------------- ------------- ------------- -------------
Net profit (loss) applicable to common shares $ (74,851) $ 228,403 $ (333,578) $ (89,894)
============= ============= ============= =============
Basic EPS
-------------------------------------------
Weighted average common shares
outstanding during the period 95,572,393 95,081,135 95,576,490 77,935,302
============= ============= ============= =============
Net profit (loss) per common share - basic $ - $ - $ - $ -
============= ============= ============= =============
Diluted EPS
-------------------------------------------
Weighted average common shares
outstanding during the period - basic 95,572,393 95,081,135 95,576,490 77,935,302
Dilutive effect of stock options N/A 9,388,889 N/A N/A
Dilutive effect of Series A and B convertible
preferred stock N/A 4,750,000 N/A N/A
------------- ------------- ------------- -------------
Weighted average common shares - diluted 95,572,393 109,220,024 95,576,490 77,935,302
============= ============= ============= =============
Net profit (loss) per common share - diluted $ - $ - $ - $ -
============= ============= ============= =============
For the three and six months ended June 30, 2003 there were 16,000,000 options
and warrants to acquire common stock, 850 Series B shares of redeemable
convertible preferred stock not included in the computation of diluted net loss
per share as their effect would have been anti-dilutive.
For the six months ended June 30, 2002 there were 17,746,646 options to acquire
common stock, 950 Series B shares of redeemable convertible preferred stock and
$349,242 in convertible preferred dividends which were not included in the
computation of diluted net loss per share as their effect would have been
anti-dilutive.
(4) Inventories
Inventories consist of the following at June 30, 2003 and December 31, 2002
June 30, 2003 December 31, 2002
------------- -----------------
Raw materials $ 268,359 $ 294,662
Work in progress 1,854,592 1,971,551
Finished goods 11,018 13,615
------------- -----------------
$ 2,133,969 $ 2,279,828
============= =================
8
(5) Notes Payable
In January 2003, the Company entered into an agreement to sell the Waxahachie
real estate for the assumption of the $345,295 debt associated with the
property. As a result of the debt assumption, the Company remains liable on the
note with Texas State Bank for the remainder of the term should the purchaser
default on this note.
In accordance with Financial Accounting Standards Board Interpretation No. 45,
Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others, the Company has recognized a
$10,000 obligation under the guarantee that consists of the obligation to stand
ready to reassume the note held at Texas State Bank in the event the purchaser
defaults on the note. The obligation is based on the cost necessary for the
purchaser to refinance the note, which would release the Company from the
guarantor position. Should the purchaser default on the note and the Company
reassume the liability, they would also regain the real estate.
During the quarter ended June 30, 2003, as part of an agreement with certain
shareholders, the Company increased its short-term borrowing from these
shareholders to $823,500, the notes bear interest at 5% and are due December 31,
2003.
(6) Stockholders' Equity and Warrants
During the quarter ended March 31, 2003, as part of a licensing and
manufacturing settlement agreement, Bracco Diagnostics returned 8,242 shares of
the Company's common stock. The shares were immediately canceled.
During the six months ended June 30, 2003, 3,027,326 warrants to acquire common
stock with exercise prices ranging from $4.00 to $5.50 expired unexercised
During the quarter ended June 30, 2003, the Company granted 2,000,000 options to
certain directors to purchase shares of common stock with an exercise price of
$0.03 per share, which was equal to the closing market price of the common stock
on the date of grant. These options vest through 2006.
(7) Commitments and Contingencies
Employment Contract
The Company has a five-year employment contract with the Company's president.
The employment agreement extends through February 2007.
Lease Agreement
Effective May 2, 2003, the Company entered into a new lease agreement with the
landlord for a new five year term on the building. This new lease offers the
same terms and first rights to purchase considerations that existed in the
previous lease agreement but increase monthly lease rate and purchase price by
an amount proportional to the square footage of the new facility expansion.
9
Dependence on Third Parties
The production of HSA Cobalt is dependent upon the Department of Energy, and its
prime-operating contractor, who controls the reactor and laboratory operations.
Actions by the DOE or their prime operating contractor could cause a halt to HSA
cobalt production, which would result in a loss of revenues to the Company and a
loss of the value of all Work in Process cobalt material. The gemstone
production is tied to an exclusive agreement with Quali Tech Inc. who in turn
has contracts with other clients for gemstone processing. A loss of the contract
with Quali Tech Inc. would require the Company to seek other clients for
gemstone processing. Nuclear medicine calibration and reference standards
manufacturing is conducted under an exclusive contract with RadQual, LLC, which
in turn has agreements in place with several companies for marketing and sales.
A loss of the contract with RadQual LLC would cause a complete loss of the
revenues from nuclear medicine calibration and reference standards.
Contingencies
The Company conducts its operations in Idaho Falls, Idaho. Although the nuclear
medicine calibration and reference standards and gemstone products appear
diverse they share the common link of being radioactive materials requiring
stringent quality controls. Therefore, the Company is required to have an
operating license from the Nuclear Regulatory Commission ("NRC") and specially
trained staff to handle these products. An irrevocable, automatic renewable
letter of credit against a Certificate of Deposit has been used to provide
decommissioning financial assurance as required by the Nuclear Regulatory
Commission for the facility license.
(8) Subsequent Events
The Company has filed an S-3 Registration Statement with the Securities and
Exchange Commission (SEC) in connection with a rights offering to its existing
shareholders. The Registration Statement is anticipated to become effective in
the third quarter of 2003. Pursuant to the rights offering the Company is
offering for sale 38,229,157 Units (each Unit includes (i) one share of common
stock, (ii) one warrant to purchase another share of common stock for $0.04, and
(iii) one warrant to purchase an additional share of common stock for $0.05) to
its shareholders. Shareholders will receive one Right for each share of common
stock they own. The Rights entitle the holders to purchase one Unit for every
2.5 Rights owned at a subscription price of $0.03 per unit. Shareholders who
exercise all of their Rights in full will be entitled to the additional
privilege of subscribing for and purchasing, subject to certain limitations and
subject to allocation, any Units not acquired by other holders of Rights, plus
up to an additional 14,500,000 Units if the rights offer is over-subscribed.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Except for historical information contained herein, the following contains
forward-looking information that is subject to certain risks and uncertainties.
The Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of certain factors including those
set forth in the "Risk Factors" section included in the Company's Form 10-KSB,
filed with the Securities Exchange Commission (SEC) on March 24, 2003 ("Form
10-KSB"). The following discussion should be read in conjunction with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" included in the Form 10-KSB.
10
RESULTS OF OPERATIONS
Three and six month periods ended June 30, 2003 and 2002.
The Company's loss from operations for the three and six month periods ended
June 30, 2003 were $74,851 and $333,578 respectively, as compared to earnings
from continuing operations of $228,403 and $259,348 for the comparable periods
of 2002. The change in earnings was principally attributable to the one time
removal of the $500,000 contingent liability the Company had in connection with
the sale of the Linac facility in Denton Texas. During the second quarter of
2002 the Company was released from this contingent liability and recognized this
transaction in other income. Without this one time event, the Company would have
experienced losses from operations of $271,597 and $589,894 for the three and
six months periods respectively ended June 30, 2002. Net earnings (loss) per
common share for the three and six month periods ended June 30, 2003 were $0.00
and $0.00 respectively, as compared to $0.00 and $0.00 for the same periods of
2002. The reason there is no change in this figure is related to rounding. Both
the 2002 income and 2003 loss are relatively small in comparison to the number
of outstanding shares of Company stock.
Revenues for the three and six month periods ended June 30, 2003 were $785,262
and $1,144,683 respectively, as compared to $624,084 and $1,150,396 for the same
periods in 2002, an increase of $161,178 and decrease of $5,713 respectively.
Gross profit for the three and six month periods ended June 30, 2003 was
$354,695 and $503,033 respectively, as compared to $252,662 and $578,156 for the
same periods in 2002, an increase of $102,033 and a decrease of $75,123
respectively. The increase in revenue and Gross profit for the three-month
period was attributable to increased sales of nuclear medicine reference and
calibration standards. The decrease in revenues and Gross profit for the
six-month period was attributable to an overall decline in gemstone production
volumes.
Operating expenses declined to $401,534 and $790,316 respectively for the three
and six-month periods ended June 30, 2003 compared to $543,419 and $795,907 for
the same periods of 2002. Salaries and contract labor expenses for the three and
six month periods ended June 30, 2003 were $110,982 and $213,752 respectively,
as compared to $117,765 and $255,080 for the same periods of 2002, a decrease of
$6,783 and $41,328 respectively. General, administrative and consulting expenses
totaled $290,552 and $576,564 respectively for the three and six month periods
ended June 30, 2003 as compared to $425,654 and $540,827 for the same periods of
2002, a decrease of $135,102 and an increase of $35,737 respectively. The
overall decrease in expenses is largely attributable to the Company's efforts to
control costs.
Interest expense for the three and six month period ended June 30, 2003 was
$50,281 and $82,199 as compared to $44,669 and $88,611 for the comparable
periods in 2002. The increase in second quarter interest expense was
attributable to the short term loans made to the Company by several Principals
and Directors during the period.
Liquidity and Capital Resources
On June 30, 2003 the Company had cash and cash equivalents of $824,518 compared
to $441,904 at December 31, 2002. For the six months ended June 30, 2003,
operating activities used cash of $264,325, investing activities provided cash
of $159,322 and financing activities provided cash of $487,617. Cash from
financing activities consisted primarily of short-term notes provided by several
principals and directors.
11
The Company has financed its operations since inception primarily by bank loans,
sales of accelerator components and excess equipment, its initial public
offering, sales of shares of common and preferred stock in private placements to
investors, and loans from stockholders and directors.
The Company's future liquidity and capital funding requirements will depend on
numerous factors, including, but not limited to: sale of remaining Texas assets,
contract manufacturing and marketing relationships; and technological and market
developments. It is anticipated that the rights offering will convert a
significant amount of the Company's current liabilities to equity and generate
cash to be used for the acquisition of assets. This should improve the Company's
financial strength, debt ratio, and attractiveness to lending institutions.
Although there can be no assurance, the Company expects that revenues will
continue to increase. These increased revenues will provide sufficient funds for
operations and capital expenditures.
ITEM 3. CONTROLS AND PROCEDURES
(a) The Company maintains controls and procedures designed to ensure that
information required to be disclosed in the reports that the Company files or
submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the rules and forms
of the Securities and Exchange Commission. Based upon their evaluation of those
controls and procedures performed within 90 days of the filing date of this
report, the chief executive officer and the principal financial officer of the
Company concluded that the Company's disclosure controls and procedures were
adequate.
(b) Changes in internal controls. The Company made no significant changes in
its internal controls or in other factors that could significantly affect these
controls subsequent to the date of the evaluation of those controls by the chief
executive officer and principal financial officer.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Exhibits:
99.1 Certification pursuant to 18 U.S.C. ss.1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.2 CEO and CFO Certification
Reports on Form 8-K:
NONE
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
International Isotopes Inc.
(Registrant)
By: /s/ Steve T. Laflin
-------------------------------------
Steve T. Laflin
President and Chief Executive Officer
Date: July 28, 2003
13
TABLE OF EXHIBITS
Exhibit Number Name of Exhibit
99.1 Certification pursuant to 18 U.S.C. ss.1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.2 CEO and CFO Certification
14