The project is expected to accelerate the deployment of advanced fuels for light water, small modular reactor applications by leveraging the use of existing testing infrastructures and measuring basic thermo hydraulic properties. Our other ongoing DOE-funded university study led by MIT relates to evaluation of accident tolerant fuels in various small modular reactors. The project we are involved in with MIT aims to simulate the fuel and safety performance of Lightbridge Fuel for a new scale SMR and provide scope and analysis to improve the safety and economics of light water react to small modular reactors. With that, I’ll turn the call over back to Seth.
Seth Grae: Thank you, Andrey. Support for nuclear energy is one of the few strongly bipartisan issues in Congress. Earlier this month, Congressman Bob Latta and Jim Clyburn reintroduced the Nuclear Fuel Security Act to establish and expand critical United States nuclear fuel programs to boost domestic uranium mining, conversion and enrichment capacity. This pivotal legislation underscores the importance of bolstering our nation’s domestic nuclear fuel capabilities. It is in the strong national security interest of the United States to reduce reliance on Russian conversion and enrichment of uranium. By focusing on expanding domestic capacity, we enhance energy security. This also can lead to sustainable clean nuclear energy growth and job creation.
We believe Lightbridge Fuel could become part of helping the United States and our allies achieve energy independence and resilience. Last week, the International Energy Agency released its World Energy outlook for 2023. The report presents a bright future for nuclear energy, especially within the report’s scenario for net-zero emissions. The IAEA foresees a doubling of today’s global nuclear power capacity to limit emissions sufficiently by 2050. The report acknowledges that Nuclear power is gaining traction in key markets. Currently operating reactors are receiving operating license extensions. There is growing support for new projects including the rising interest in small modular reactors which further amplifies nuclear power’s potential.
Many countries are announcing plans to boost investments in nuclear power including countries that currently do not have reactors. Lightbridge Fuel represents a unique opportunity for our growing nuclear sector. We invented Lightbridge fuel to bring major safety, economic and nonproliferation benefits for both existing large plans and future water-cooled small modular reactors. Now I will turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company’s financial results. Larry?
Larry Goldman: Thank you, Seth and good afternoon, everyone. For further information regarding our third quarter 2023 financial results and disclosures, please refer to our earnings release that we filed yesterday and our Form 10-Q that will be filed later today. The company’s working capital position was $28.6 million at September 30, 2023, versus $28.7 million at December 31, 2022. Total assets were $30.1 million and total liabilities were $0.9 million at September 30, 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 activity.
Total cash and cash equivalents was $29.2 million as compared to $28.9 million at December 31, 2022, an increase of $0.3 million in cash and cash equivalents for the 9 months ended September 30, 2023. Total cash used in operating activities for the 9 months ended September 30, 2023, was $4.1 million which was the same amount as compared to the same period in 2022. Total cash provided by financing activities for the 9 months ended September 30, 2023, was $4.5 million, a decrease of $6.1 million as compared to the $10.6 million raised for the same period in 2022. This was due to a decrease in the net proceeds from the issuance of our 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 fuel development, we expect to see government funding in the future as well as 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 our Lightbridge Fuel.
I will now turn the call over to Sherrie Holloway, our Controller, who will go over our P&L financial results for the third quarter of 2023. Sherrie?
