Westwater Resources, Inc (NASDAQ:WWR) Q2 2019 Earnings Conference Call - Final Transcript
Aug 08, 2019 • 11:00 am ET
of Investment Disputes related to our Turkish uranium projects.
And with that, I'll turn the call over to Jeff to go over our financial results. Jeff?
Okay, thanks, Chris. Good morning, everyone. First, let's look at our capital structure on slide five. Our recent share price is $3.19 and with approximately 1.8 million shares outstanding, our market capitalization stands at $5.9 million. During the second quarter of 2019, our stock performance was influenced largely by continued pressure on the mineral space, along with a one-for-fifty reverse split, which was effective after the markets -- close of market -- excuse me, after market close on April 22nd is a necessity to maintain our NASDAQ listing.
Fundamentally, our business is strong and we believe our current asset diversification strategy, our expansion and commitment towards the battery material supply chain sector, our recent vanadium discovery at the Coosa graphite project and other factors internally and within our industry, provide significant upside potential for the company in the long term.
Turning to slide six and our financial summary for the second quarter and first half of 2019. Net cash used in operating activities was $1.6 million in the second quarter of 2019, compared with $2.4 million in the second quarter of 2018. A decrease of $800,000 was primarily due to less cash being used for payment of liabilities. In the first half of 2019, net cash used on operating activities was $4.3 million compared to $6.1 million in the first half of 2018.
Similarly, the decrease of $1.8 million was due to less cash supplied the liabilities, as well as the $300,000 decrease in mineral property expenses for the period. Mineral property expenses decreased by approximately $100,000 in the second quarter and $300,000 in the first half of 2019. Decrease was partially due to a reduction in operating activities at the Temrezli Project of $100,000 from the prior year because of the revocation of our mining licenses by the government of the Republic of Turkey in June 2018.
Additionally, there was a reduction of $200,000 in reclamation activities at the Vasquez and Rosita uranium projects due to adverse weather conditions in 2019. General and administrative costs were comparable over both the three-month and the six-month periods. In both periods, increases in legal financing and public company expenses were offset by reductions in stock compensation, consulting and office expenses.
Our net -- our consolidated net loss for the three months ended June 30, 2019 was $2.8 million or $1.81 per share, down from $20.5 million or $25.63 per share for the same period in 2018. This decrease in consolidated net loss was mainly the result of the $18 million impairment charge for the Temrezli and Sefaatli uranium mineral interests in Turkey made during the second quarter of 2018.
As of June 30, 2019, the company's cash balance was $1.2 million with a working capital deficit of $2.7 million, compared with a cash balance of $1.6 million and positive working capital of -- $1 million as