Andrey Mushakov

Thank you, Seth. As Seth mentioned, Lightbridge achieved a critical milestone in our fuel development efforts. Idaho National Laboratory, or INL, extruded rod sample of Lightbridge Fuel material, consisting of an alloy of depleted uranium and zirconium. This work was performed and the strategic partnership project and collaborative research and development agreements between Lightbridge and Battelle Energy Alliance LLC, the US Department of Energy's operating contractor for INL.
The ongoing project aims to generate irradiation performance data for Lightbridge's delta-phase uranium-zirconium alloy related to various thermophysical properties. The data will support field performance modeling and regulatory licensing efforts for the commercial deployment of Lightbridge Fuel.
I will now ask Jim Fornof, our Vice President of Program Management to provide additional details about the extrusion demonstration milestone and our next steps in this project at INL. Jim?

James Fornof

In it out a little over a month ago, we demonstrated the extrusion of a fuel rod sample consisting of an alloy of depleted uranium and zirconium. The extrusion process involves pressing a billet of Lightbridge Fuel alloy through a dye under pressure to form an elongated fuel sample. Our intention is to align this demonstration process with our eventual manufacturing technique as closely as possible. This extrusion is a major goal that we set for the project for this year and as a prerequisite to ultimately fabricating coupon samples using enriched uranium-zirconium alloys for irradiation testing in the Advanced Test Reactor at INL.
Casting and extruding, this demonstration billet of Lightbridge Fuel alloy showcases the unique research talent and facilities within INL's materials and fuels complex. We very much appreciate the collaborative input that we've received from our INL colleagues during this work as well as the ongoing support and recognition of DOE.
INL and Lightbridge will work together to analyze the extruded rod in order to confirm the extrusion process parameters and the resulting material characteristics, while performing additional castings and extrusions during the remainder of this year. Next year, we plan to produce irradiation coupon samples of Lightbridge Fuel material using enriched uranium and zirconium for insertion into the ATR. Thanks and back to you, Andrey.

Andrey Mushakov

Thank you, Jim. In addition to our ongoing project at INL, we are working with RATEN ICN on an engineering study to assess the compatibility and suitability of Lightbridge Fuel for using CANDU reactors. Expect this initial engineering study to be completed later this year.
Collaboration with Centrus Energy, we're also conducting a front-end engineering and design study or FEED study, to assess feasibility for deployment of Lionbridge Pilot Fuel Fabrication Facility at the Piketon, Ohio. We're currently working on cost and schedule estimates to assess commercial feasibility of moving forward with this project. We expect the study to be completed in the coming months.
Finally, my Lightbridge colleagues and I recently returned from a trip to Texas A&M University, where we visited the fuel cycle and materials laboratory and thermal hydraulic facilities. They have state of the art experimental and modeling capabilities to discuss our ongoing projects and future collaboration opportunities.
The fuel cycle and materials laboratories currently performing on the contract with Lightbridge clearing characterization work on the trial of surrogate rod samples that were extruded in May 2021. The work will inform our future plans with respect to creating development and coextrusion process demonstration efforts.
Separately, we toured the thermal hydraulic facility and discuss Texas A&M University computer modeling capabilities in that area. They currently working under a DOE-funded Nuclear Energy University Program awards on a flow test experiments setup under NuScale, SMR [school and flow] operating conditions. It will use 6 foot long acrylic rods, mimicking Lightbridge Fuels, multiple of geometry, and helical twist.
Now I'll ask Scott Holcombe, our Vice President of Engineering to give us an update on several other ongoing projects and initiatives. Scott?

Scott Holcombe

Thank you, Andrey. First, with the ongoing progress of our fuel development work, we've expanded and strengthened our fuel development team with the hiring of additional R&D personnel with expertise in computer modeling and simulation, experiment design and execution, and fuel qualification and regulatory licensing activities.
There are additions aim to bolster Lightbridge's capabilities, nutronics, thermal hydraulics, fuel performance, and transient analysis, all critical components to support fuel qualification, regulatory licensing, and commercial deployment of Lightbridge Fuel.
The newly appointed R&D staff will support Lightbridge's ongoing collaborative projects, including our SPP and greater collaboration with Idaho National Laboratory in the US, our engineering study RATEN ICN in Romania, and two important projects under the Nuclear University Programs with Massachusetts Institute of Technology and Texas A&M University.
These experts will lead the development of Lightbridge specific codes and methods, utilizing industry standard modeling to simulate Lightbridge Fuel across various types of water-cooled reactors. We believe these new hires will support advancement through TRL levels 4 to 9 as it underpins our ability to model and simulate our fuels behavior under various operating conditions, an essential aspect of our development process.
As we project further into the future, our roadmap towards full commercial deployment encompasses a series of intricate and scientifically rigorous steps. This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors, followed by thorough post radiation examination to validate material characteristics and performance metrics. Our comprehensive testing regimen will also involve advanced thermal hydraulic experiments and additional out-of-reactor test designed to rigorously evaluate our fuel safety and functionality.
Advanced computational modeling and simulations will support the qualification process, ensuring that our fuel meet stringent industry standards. The combination of these efforts will involve the design of lead test rod and ultimately lead test assemblies and subsequent collaborations, commercial reactors, and potential fuel vendor partners for the deployment of lead test rod and assemblies. One successful operation of lead test assemblies with Lightbridge Fuel has been demonstrated in commercial reactors, we would seek regulatory approval for batch reloads of Lightbridge Fuel and those host reactors.
With that, I'll turn the call back over to Seth.

Seth Grae

Thanks, Scott. Globally, we are witnessing an expansion of the nuclear sector. New nuclear plants are under construction, and many existing plants are having their operating licenses extended well beyond their original lifetimes. Remarkably some facilities that had shut down are now being revitalized and brought back online.
In a groundbreaking development last December, the COP28, the UN Climate Conference in Dubai, the United States, along with other nations committed to tripling the world's nuclear power capacity by the year 2050. This ambitious goal was reinforced at the recent Nuclear Energy Summit in Brussels, which convened leaders at the head of state level to transform this vision into tangible action. The focus was clear, move from ambition to real action with specific emphasis on establishing robust financing mechanisms to achieve this tripling of global nuclear power.
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. The 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'll 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 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 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 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. Sharrie?

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 and increase in postage and recruitment expenses and an increase in stock base 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 has had a remarkable career, including leading the successful efforts by the United States to permanently extend enforce the Nuclear Nonproliferation 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're looking forward to providing additional updates. In the meantime, we can be reached at [email protected]. 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.