Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
In computing diluted loss per share, no effect has been given to the shares of Common Stock issuable upon the conversion or exercise of the following dilutive securities as the Company’s net loss would make the effect anti-dilutive.
 
 
 
December 31,
2018
 
 
December 31,
2017
 
Common Stock Warrants
 
 
40,844,086
 
 
 
9,455,961
 
Employee Stock Options
 
 
2,076,153
 
 
 
1,893,003
 
Preferred Stock
 
 
12,787,500
 
 
 
400,000
 
Total Shares of Common Stock Issuable
 
 
55,707,739
 
 
 
11,748,964
 
Schedule Of Cummulative effect Of Revenue Recognition To Condensed Balance Sheet
The cumulative effect of initially applying the new revenue recognition guidance to the Company’s Consolidated Balance Sheet on January 1, 2018 was as follows:
 
 
 
Balance as of

December 31,

2017
 
 
Cumulative Impact

from Adopting New

Revenue Guidance
 
 
Balance as of

January 1, 2018
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Unbilled Revenue
 
$
-
 
 
$
116,280
 
 
$
116,280
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Revenue
 
 
12,313,600
 
 
 
(9,361,600
)
 
 
2,952,000
 
Stockholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Deficit
 
$
(91,816,655
)
 
$
9,477,880
 
 
$
(82,338,775
)
Schedule Of Impact From Adopting The New Revenue Recognition Guidance On The Condensed Financial Statements
The impact from adopting the new revenue recognition guidance on the Company’s Consolidated Balance Sheet for the twelve months ending December 31, 2018 was as follows:
 
 
 
As Reported
 
 
Previous

Accounting

Guidance
 
 
Impact from

Adopting New

Revenue

Guidance
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Revenue
 
$
2,686,000
 
 
$
13,618,600
 
 
$
(10,932,600
)
Stockholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Deficit
 
$
(93,150,198
)
 
$
(104,082,798
)
 
$
10,932,600
 
 
The impact from adopting the new revenue recognition guidance on the Company’s Consolidated Statement of Operations and Comprehensive Loss for the twelve months ended December 31, 2018 was as follows:
 
 
 
December 31, 2018
 
 
 
As Reported
 
 
Previous

Accounting
Guidance
 
 
Impact from

Adopting New

Revenue

Guidance
 
Collaboration Revenue
 
$
1,652,520
 
 
$
-
 
 
$
1,652,520
 
Operating Loss Before Other Expenses
 
 
(10,844,701
)
 
 
(12,497,221
)
 
 
1,652,520
 
Net Loss
 
 
(10,811,423
)
 
 
(12,463,943
)
 
 
1,652,520
 
Comprehensive Loss
 
$
(10,804,565
)
 
$
(12,457,085
)
 
$
1,652,520
 
Contract with Customer, Asset and Liability
The below table represents the changes in the Company’s contract assets and contract liabilities:
 
 
 
December 31,

2018
 
Contract Asset:
 
 
 
 
Unbilled Revenue
 
$
-
 
Contract Liabilities:
 
 
 
 
Deferred Revenue
 
$
2,686,000
 
 
 
 
Twelve

Months Ended
 
 
 
December 31,

 2018
 
Revenue recognized in the period from:
 
 
 
Amounts included in contract liability at the beginning of the period
 
$
9,627,600