During this pivotal time, I had the honor of meeting with America’s new Climate Envoy, John Podesta, along with other leaders of the American nuclear industry. It was evident from our discussions that there is a strong alignment between the US government and the nuclear industry. We are advocating for the adoption of American Nuclear Technology which adheres to the highest safety standards globally. The world economic forum’s special meeting last month in Riyadh on global collaboration, growth and energy development included a session on advanced energy solutions. The urgency to shift from decades to years in deploying advanced energy solutions, including nuclear power was a central theme. This special meeting brought together top political leaders major corporations and investors, highlighting the critical role of nuclear power in global energy strategies.
For instance Saudi Arabia is exploring significant shifts in its energy strategy to establish a robust nuclear power program. This move aims to reduce domestic consumption of hydrocarbons, thereby allowing the country to increase its exports to bring in revenue to support economic development. Heads of State and Government are increasingly recognizing nuclear power, not as a peripheral issue but as a central component of energy strategies. I will now turn the call over to Larry Goldman, Chief Financial Officer to summarize the company’s financial results.
Lawrence Goldman: Thank you, Seth, and good morning, everyone. For further information regarding our first quarter 2024 financial results and disclosures please refer to our earnings release that we filed post market close yesterday, as well as our quarterly report on Form 10-Q that will be filed with the Securities and Exchange Commission. The company’s working capital position was $27.4 million at March 31, 2024 versus $28.3 million at December 31, 2023. Total assets were $28.9 million and total liabilities were $0.9 million at March 31, 2024. 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 there are 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 to conduct our R&D activities.
Total cash and cash equivalents were $27.9 million as compared to $28.6 million at December 31, 2023 a decrease of $0.7 million for the first quarter ended March 31, 2024. Cash used in operating activities for the first quarter ended March 31, 2024 was $1.9 million an increase of $0.4 million compared to the $1.5 million for the first quarter ended March 31, 2023. This increase was primarily due to increased spending on R&D and G&A expenses. Total cash provided by financing activities for the first quarter ended March 31, 2024 was $1.2 million, an increase of $0.5 million compared to the $0.7 million for the first quarter ended March 31, 2023. This increase was due to an increase in the net proceeds received from the issuance of common stock under our at-the-market or ATM facility.
In support of our long-term business and future financing requirements with respect to our fuel development, we expect to continue to seek government’s funding in the future, along with new strategic alliances that may contain cost-sharing contributions and additional funding from others 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 for the first quarter 2024. Sherrie?
Sherrie Holloway: Thank you, Larry. Net loss was $2.8 million for the first quarter ended March 31, 2024, compared to $2 million for the first quarter ended March 31, 2023. Total R&D expenses amounted to $1 million for the first quarter ended March 31, 2024 compared to $0.4 million for the first quarter ended March 31, 2023, an increase of $0.6 million. This increase was primarily due to the increase in R&D activities related to the development of our fuel, including an increase in INL project costs and outside R&D expenses of $0.5 million. Total G&A expenses were $2.2 million for the first quarter ended March 31, 2024 compared to $1.9 million for the first quarter ended March 31, 2023. The increase of $0.3 million was primarily due to an increase in employee compensation and employee benefits as well as directors’ fees, an increase in postage and recruitment expenses and an increase in stock-based compensation.
Total other income was $0.4 million for the first quarter ended March 31, 2024 compared to other income of $0.3 million for the first quarter ended March 31, 2023 an increase of $0.1 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. Back to you, Seth.
Seth Grae: Thank you, Sherrie. I would like to recognize Ambassador Thomas Graham Jr., for his extraordinary leadership and service to Lightbridge. Tom was the Chairman of Lightbridge’s Board and retired last month. His legacy is etched in the history of the company. Tom’s had a remarkable career, including leading the successful efforts by the United States to permanently extend and force the Nuclear Non-proliferation Treaty, we’re staying in touch with Tom and continue to benefit from his advice. I would like to thank everybody for participating on today’s call. We’ve not received questions submitted by e-mail. We are looking forward to providing additional updates. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Everyone have a great day.
