| Restatement of Financial Statements |
2. Restatement of Financial Statements
Based on management’s evaluation, management and the Audit Committee, in consultation with the Company’s financial and legal advisors, the Company have concluded that restatement of its previously issued financial statements as of and for the years ended December 31, 2021 and 2020 is necessary to correct certain misstatements in accounting. As a result, the Company is amending its Annual Report on Form 10-K/A, originally filed with the SEC on April 15, 2022, for each of the two years ended December 31, 2021 and 2020. Specifically, the restatement is necessary to correct misstatements related to the Company’s accounting for its acquisitions including related contingent consideration, valuation of goodwill and in-process R&D, subsequent assessment of goodwill and intangible assets for impairment, and the corresponding effects on net income (loss) and stockholders’ equity. The restatement also impacts the unaudited quarterly periods for the three months ended March 31, 2021, and the three months and year to date periods ended June 30, 2021 and September 30, 2021. Refer to Note 17. See below for the adjustments related to each of the three prior acquisitions.
In connection with the Company’s acquisition of Panoptes Pharma Ges.m.b.H (“Panoptes”) in December 2020, shares of the Company’s common stock that were held back at closing and that will be issued on the 18-month anniversary of the acquisition, subject to deduction for any indemnification claims, post-closing adjustments and other specified matters (the “Holdback Shares”), were originally accounted for as contingent consideration and recorded as a liability of $1.353 million. Upon further evaluation, the Company determined that the Holdback Shares should not have been accounted for as contingent consideration and instead recorded as equity as the shares are issuable due to the passage of time. Additionally, upon acquisition, the Company classified an assumed loan payable within contingent consideration that should have been classified as a current liability of $0.212 million. The Company is correcting these misstatements as of December 18, 2020, the acquisition date resulting in an increase in additional paid-in capital of $1.500 million, an increase in goodwill of $0.147 million, and a decrease in contingent consideration of $1.353 million. The Company will be required to pay the former shareholders of Panoptes cash earnout payments in the event developmental milestones are achieved. Due to the effects of a re-evaluation of the probability of success and discount rate for the in-process research and development (“IPR&D”) assets acquired, the Company is recording a reduction in the estimated fair value of the contingent consideration for the year ended December 31, 2021, in the amount of $0.474 million. The fair value of the contingent consideration is re-assessed at each respective balance sheet date with a corresponding adjustment to earnings until the contingency is resolved.
In connection with the Company’s acquisition of Jade Therapeutics, Inc. (“Jade”) in March 2016, the Company is required to pay the former shareholders of Jade a cash earnout payment in the event any product developed by Jade prior to its acquisition, or derivative of such product, subsequently receives FDA approval. However, since a determination, which was made effective in the fourth quarter of fiscal 2020, the Company’s KIO-201 product candidate is now being developed as a drug rather than a device, and the expected development time for KIO-201 has been extended. As a result of that extended timeline, the Company is recording a reduction in the estimated fair value of the contingent consideration for KIO-201 as of December 31, 2020. This reduction in estimated probability weighted fair value resulted in a change in the carrying value of the liability and correspondingly to the change in fair value of contingent consideration as of and for each of the years ended December 31, 2021 and 2020 in the amount of $0.100 million and $1.230 million respectively. The fair value of the contingent consideration is re-assessed at each respective balance sheet date with the corresponding adjustment to earnings until the contingency is resolved. In addition, the Company is re-establishing the fair value of IPR&D for KIO-201 in the amount of $3.912 million by reversing the impairment originally recorded.
In connection with the Company’s acquisition of Bayon Therapeutics, Inc. (“Bayon”) in October 2021, the Company determined that the estimated fair value of in-process R&D initially recorded was misstated due to an error in utilizing outdated probability of success rates and discount rates. To correct the misstatement, the Company reevaluated the fair value assigned to the in-process R&D at the acquisition date and updated the probability of success as it relates to cash earnout payments in the event developmental milestones are achieved, updated the discount rate, and adjusted the expected future income. This resulted in an increase to the in-process R&D of $0.302 million and deferred tax liability of $0.076 million and a reduction to goodwill of $0.607 million, and contingent consideration of $0.381 million.
After reflecting the corrections above, the Company reperformed its impairment analysis of indefinite-lived intangible assets and goodwill. Goodwill was determined to be fully impaired and since goodwill is evaluated at the reporting unit level, this resulted in the impairment of the goodwill recently acquired in the acquisition of Bayon of $0.407 million.
Within the restated consolidated financial statements, the Company has also corrected immaterial errors related to the classification of the change in fair value of contingent consideration and gain on disposal of a foreign entity from other income to operating income within the accompanying consolidated statement of operations and comprehensive loss for the years ended December 31, 2021 and 2020.
In summary, the Company’s intangible assets including in-process R&D, goodwill, and contingent consideration from the above acquisitions have all been corrected as of the respective date of the acquisitions and then subsequently to reflect any updated information and estimates that become available in each of the subsequent periods. In addition, the Company’s annual assessment of goodwill and intangible asset impairment were also updated to reflect these corrections for the years ended December 31, 2021 and 2020.
The related footnotes have also been updated for the restatements. The following tables summarize the effect of the restatement on each financial statement line items as of the dates, and for the period, indicated:
Balance sheet as of December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 |
|
|
As Previously |
|
|
2020 Restatement |
|
|
|
Balance Sheet |
|
Reported |
|
|
Adjustment |
|
As Restated |
Total Current Assets |
|
$ |
1,726,221 |
|
|
— |
|
$ |
1,726,221 |
Property and Equipment, Net |
|
|
30,566 |
|
|
— |
|
|
30,566 |
Restricted cash |
|
|
45,000 |
|
|
— |
|
|
45,000 |
Goodwill |
|
|
3,484,607 |
|
$ |
146,605 |
|
|
3,631,212 |
Intangible Assets and In-process R&D, Net |
|
|
9,730,164 |
|
|
— |
|
|
9,730,164 |
Operating Leases Assets with Right-of-Use |
|
|
83,928 |
|
|
— |
|
|
83,928 |
Other Assets |
|
|
57,073 |
|
|
— |
|
|
57,073 |
Total assets |
|
$ |
15,157,559 |
|
|
146,605 |
|
$ |
15,304,164 |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,772,327 |
|
|
212,281 |
|
$ |
1,984,608 |
Contingent Consideration |
|
|
5,342,950 |
|
|
(2,795,876) |
|
|
2,547,074 |
Deferred Tax Liability |
|
|
728,926 |
|
|
— |
|
|
728,926 |
Paycheck Protection Program Loan |
|
|
278,190 |
|
|
— |
|
|
278,190 |
Non-current Operating Lease Liabilities |
|
|
35,625 |
|
|
— |
|
|
35,625 |
Total Non-Current Liabilities |
|
|
6,385,691 |
|
|
(2,795,876) |
|
|
3,589,815 |
Total liabilities |
|
|
8,158,018 |
|
|
(2,583,595) |
|
|
5,574,423 |
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value |
|
|
41 |
|
|
— |
|
|
41 |
Common Stock, $0.01 par value |
|
|
55,564 |
|
|
— |
|
|
55,564 |
Additional paid-in-capital |
|
|
115,283,572 |
|
|
1,500,030 |
|
|
116,783,602 |
Accumulated deficit |
|
|
(108,338,834) |
|
|
1,230,170 |
|
|
(107,108,664) |
Accumulated Other Comprehensive Income |
|
|
(802) |
|
|
— |
|
|
(802) |
Total stockholders’ equity |
|
|
6,999,541 |
|
|
2,730,200 |
|
|
9,729,741 |
Total liabilities and stockholders’ equity |
|
$ |
15,157,559 |
|
$ |
146,605 |
|
$ |
15,304,164 |
Statement of Operations and Comprehensive Income for the year ended December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2020 |
|
|
As Previously |
|
2020 Restatement |
|
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
Adjustment |
|
As restated |
Collaboration Revenue |
|
$ |
12,059 |
|
|
— |
|
$ |
12,059 |
|
|
|
|
|
|
|
|
|
|
Research and Development |
|
|
3,566,045 |
|
|
— |
|
|
3,566,045 |
General and Administrative |
|
|
4,658,769 |
|
|
— |
|
|
4,658,769 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
$ |
(1,230,170) |
|
|
(1,230,170) |
Gain on Disposal of Foreign Entity |
|
|
— |
|
|
(113,717) |
|
|
(113,717) |
Total Operating Expenses |
|
|
8,224,814 |
|
|
(1,343,887) |
|
|
6,880,927 |
Operating Loss before Other Income |
|
|
(8,212,755) |
|
|
1,343,887 |
|
|
(6,868,868) |
Other Income, net: |
|
|
|
|
|
|
|
|
|
Gain on Disposal of Foreign Entity |
|
|
113,717 |
|
|
(113,717) |
|
|
— |
Interest Income |
|
|
23,339 |
|
|
— |
|
|
23,339 |
Interest Expense |
|
|
(4,186) |
|
|
— |
|
|
(4,186) |
Total other (expense) income |
|
|
132,870 |
|
|
(113,717) |
|
|
19,153 |
Loss before Income Tax Benefit (Expense) |
|
|
(8,079,885) |
|
|
1,230,170 |
|
|
(6,849,715) |
Income Tax Benefit (Expense) |
|
|
(12,055) |
|
|
— |
|
|
(12,055) |
Net loss |
|
$ |
(8,091,940) |
|
$ |
1,230,170 |
|
$ |
(6,861,770) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
4,576,058 |
|
|
15,433 |
|
|
4,591,491 |
Basic and Diluted net loss per share |
|
$ |
(1.77) |
|
|
|
|
$ |
(1.49) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(8,091,940) |
|
$ |
1,230,170 |
|
|
(6,861,770) |
Dissolution of Foreign Entity |
|
|
(113,717) |
|
|
— |
|
|
(113,717) |
Foreign Currency Translate Adjustments |
|
|
(26,550) |
|
|
— |
|
|
(26,550) |
Comprehensive loss |
|
$ |
(8,232,207) |
|
$ |
1,230,170 |
|
$ |
(7,002,037) |
Stockholders’ Equity as of December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 |
|
|
|
As Previously |
|
2020 Restatement |
|
|
|
|
Stockholders’ equity |
|
Reported |
|
Adjustment |
|
As restated |
|
Preferred Stock, $0.01 par value |
|
$ |
41 |
|
|
— |
|
$ |
41 |
|
Common Stock, $0.01 par value |
|
|
55,564 |
|
|
— |
|
|
55,564 |
|
Additional paid-in-capital |
|
|
115,283,572 |
|
$ |
1,500,030 |
|
|
116,783,602 |
|
Accumulated deficit |
|
|
(108,338,834) |
|
|
1,230,170 |
|
|
(107,108,664) |
|
Accumulated Other Comprehensive Income |
|
|
(802) |
|
|
— |
|
|
(802) |
|
Total stockholders’ equity |
|
$ |
6,999,541 |
|
$ |
2,730,200 |
|
$ |
9,729,741 |
|
Statement of Cash flows for the year ended December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2020 |
|
|
As Previously |
|
2020 Restatement |
|
|
|
Statement of Cash Flows |
|
Reported |
|
Adjustment |
|
As restated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,091,940) |
|
$ |
1,230,170 |
|
$ |
(6,861,770) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization of Intangible Assets |
|
|
33,399 |
|
|
— |
|
|
33,399 |
Reduction of Right-of-Use Assets |
|
|
166,822 |
|
|
— |
|
|
166,822 |
Stock-Based Compensation |
|
|
723,856 |
|
|
— |
|
|
723,856 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
|
(1,230,170) |
|
|
(1,230,170) |
Expiration of a Prepaid Agreement |
|
|
159,848 |
|
|
— |
|
|
159,848 |
Deferred Taxes |
|
|
12,055 |
|
|
— |
|
|
12,055 |
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired: |
|
|
|
|
|
|
|
|
|
Prepaid Expenses and Other Current Assets |
|
|
(146,971) |
|
|
— |
|
|
(146,971) |
Refundable Tax Credit Receivable |
|
|
(18,957) |
|
|
— |
|
|
(18,957) |
Other Assets |
|
|
18,916 |
|
|
— |
|
|
18,916 |
Accounts Payable |
|
|
136,697 |
|
|
— |
|
|
136,697 |
Lease Liabilities |
|
|
(166,822) |
|
|
— |
|
|
(166,822) |
Accrued Expenses |
|
|
(144,072) |
|
|
— |
|
|
(144,072) |
Net cash used in operating activities |
|
|
(7,317,169) |
|
|
— |
|
|
(7,317,169) |
Net cash used in investing activities |
|
|
(244,438) |
|
|
— |
|
|
(244,438) |
Net cash provided by financing activities |
|
|
4,997,503 |
|
|
— |
|
|
4,997,503 |
Effects of Exchange Rate Changes on Cash |
|
|
(26,931) |
|
|
— |
|
|
(26,931) |
Net Cash Increase or decrease |
|
|
(2,591,035) |
|
|
— |
|
|
(2,591,035) |
Cash, Including Restricted Cash, Beginning of Year |
|
|
3,821,712 |
|
|
— |
|
|
3,821,712 |
Cash, Including Restricted Cash, End of Year |
|
$ |
1,230,677 |
|
|
— |
|
$ |
1,230,677 |
Balance Sheet as of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 |
|
|
|
As Previously |
|
2020 Restatement |
|
2021 Restatement |
|
|
|
|
Balance Sheet |
|
Reported |
|
Adjustment |
|
Adjustment |
|
As Restated |
|
Total Current Assets |
|
$ |
8,990,770 |
|
|
— |
|
|
— |
|
$ |
8,990,770 |
|
Property and Equipment, Net |
|
|
73,999 |
|
|
— |
|
|
— |
|
|
73,999 |
|
Restricted cash |
|
|
45,000 |
|
|
— |
|
|
— |
|
|
45,000 |
|
Goodwill |
|
|
— |
|
$ |
146,605 |
|
$ |
(146,605) |
|
|
— |
|
Intangible Assets and In-process R&D, Net |
|
|
8,695,850 |
|
|
— |
|
|
2,072,314 |
|
|
10,768,164 |
|
Operating Leases Assets with Right-of-Use |
|
|
209,411 |
|
|
— |
|
|
— |
|
|
209,411 |
|
Other Assets |
|
|
42,964 |
|
|
— |
|
|
— |
|
|
42,964 |
|
Total assets |
|
$ |
18,057,994 |
|
$ |
146,605 |
|
$ |
1,925,709 |
|
$ |
20,130,308 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
1,609,608 |
|
|
— |
|
|
— |
|
|
1,609,608 |
|
Contingent Consideration |
|
|
6,518,770 |
|
|
(2,583,595) |
|
|
(886,220) |
|
|
3,048,955 |
|
Deferred Tax Liability |
|
|
614,436 |
|
|
— |
|
|
187,695 |
|
|
802,131 |
|
Non-current Operating Lease Liabilities |
|
|
90,566 |
|
|
— |
|
|
— |
|
|
90,566 |
|
Total Non-Current Liabilities |
|
|
7,223,772 |
|
|
(2,795,876) |
|
|
(698,525) |
|
|
3,941,652 |
|
Total liabilities |
|
|
8,833,380 |
|
|
(2,583,595) |
|
|
(698,525) |
|
|
5,551,260 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common Stock, $0.01 par value |
|
|
126,640 |
|
|
— |
|
|
— |
|
|
126,640 |
|
Additional paid-in-capital |
|
|
133,918,158 |
|
|
1,500,030 |
|
|
— |
|
|
135,418,188 |
|
Accumulated deficit |
|
|
(124,733,753) |
|
|
1,230,170 |
|
|
2,624,234 |
|
|
(120,879,349) |
|
Accumulated Other Comprehensive Income |
|
|
(86,431) |
|
|
— |
|
|
— |
|
|
(86,431) |
|
Total stockholders’ equity |
|
|
9,224,614 |
|
|
2,730,200 |
|
|
2,624,234 |
|
|
14,579,048 |
|
Total liabilities and stockholders’ equity |
|
$ |
18,057,994 |
|
$ |
146,605 |
|
$ |
1,925,709 |
|
$ |
20,130,308 |
|
Statement of Operations and Comprehensive Loss for the year ended December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2021 |
|
|
As Previously |
|
2021 Restatement |
|
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
Adjustment |
|
As restated |
Research and Development |
|
$ |
5,350,264 |
|
|
— |
|
$ |
5,350,264 |
General and Administrative |
|
|
5,323,649 |
|
|
— |
|
|
5,323,649 |
Goodwill Impairment |
|
|
4,498,234 |
|
$ |
(460,423) |
|
|
4,037,811 |
Intangible Asset Impairment |
|
|
1,770,314 |
|
|
(1,770,314) |
|
|
— |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
|
(475,956) |
|
|
(475,956) |
Total Operating Expenses |
|
|
16,942,461 |
|
|
(2,706,693) |
|
|
14,235,768 |
Operating Loss before Other Income |
|
|
(16,942,461) |
|
|
2,706,693 |
|
|
(14,235,768) |
Other income, net: |
|
|
|
|
|
|
|
|
|
Gain on Forgiveness of Loan |
|
|
278,190 |
|
|
— |
|
|
278,190 |
Change in Fair Value of Contingent Consideration |
|
|
(29,719) |
|
|
29,719 |
|
|
— |
Interest Expense |
|
|
(6,851) |
|
|
— |
|
|
(6,851) |
Interest Income |
|
|
1,141 |
|
|
— |
|
|
1,141 |
Total other income |
|
|
242,761 |
|
|
29,719 |
|
|
272,480 |
Loss before Income Tax Benefit (Expense) |
|
|
(16,699,700) |
|
|
2,736,412 |
|
|
(13,963,288) |
Income Tax Benefit (Expense) |
|
|
304,781 |
|
|
(112,178) |
|
|
192,603 |
Net loss |
|
$ |
(16,394,919) |
|
$ |
2,624,234 |
|
$ |
(13,770,685) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
9,240,500 |
|
|
403,461 |
|
|
9,643,961 |
Basic and Diluted net loss per share |
|
$ |
(1.77) |
|
|
— |
|
$ |
(1.43) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(16,394,919) |
|
$ |
2,624,234 |
|
|
(13,770,685) |
Foreign Currency Translate Adjustments |
|
|
(85,629) |
|
|
— |
|
|
(85,629) |
Comprehensive loss |
|
$ |
(16,480,548) |
|
$ |
2,624,234 |
|
$ |
(13,856,314) |
Stockholders’ Equity as of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 |
|
|
|
|
|
2020 |
|
2021 |
|
|
|
|
|
As Previously |
|
Restatement |
|
Restatement |
|
|
|
Stockholders’ equity |
|
Reported |
|
Adjustment |
|
Adjustment |
|
As restated |
Preferred Stock, $0.01 par value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Common Stock, $0.01 par value |
|
$ |
126,640 |
|
|
— |
|
|
— |
|
$ |
126,640 |
Additional paid-in-capital |
|
|
133,918,158 |
|
$ |
1,500,030 |
|
|
— |
|
|
135,418,188 |
Accumulated deficit |
|
|
(124,733,753) |
|
|
1,230,170 |
|
$ |
2,624,234 |
|
|
(120,879,349) |
Accumulated Other Comprehensive Income |
|
|
(86,431) |
|
|
— |
|
|
— |
|
|
(86,431) |
Total stockholders’ equity |
|
$ |
9,224,614 |
|
$ |
2,730,200 |
|
$ |
2,624,234 |
|
$ |
14,579,048 |
Statement of Cash Flows for the year ended December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2021 |
|
|
As Previously |
|
2021 Restatement |
|
|
|
Statement of Cash Flows |
|
Reported |
|
Adjustment |
|
As restated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(16,394,919) |
|
$ |
2,624,234 |
|
$ |
(13,770,685) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization of Intangible Assets |
|
|
45,296 |
|
|
— |
|
|
45,296 |
Reduction of Right-of-Use Assets |
|
|
181,977 |
|
|
— |
|
|
181,977 |
Stock-Based Compensation |
|
|
842,475 |
|
|
— |
|
|
842,475 |
Contingent Consideration |
|
|
(212,281) |
|
|
(293,394) |
|
|
(505,675) |
Deferred Taxes |
|
|
(304,782) |
|
|
112,179 |
|
|
(192,603) |
Paycheck Protection Program Loan Forgiveness |
|
|
(278,190) |
|
|
— |
|
|
(278,190) |
Goodwill Impairment Loss |
|
|
4,498,234 |
|
|
(460,423) |
|
|
4,037,811 |
Intangible Asset Impairment Loss |
|
|
1,770,314 |
|
|
(1,770,314) |
|
|
— |
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired: |
|
|
|
|
|
|
|
|
|
Prepaid Expenses and Other Current Assets |
|
|
(156,951) |
|
|
— |
|
|
(156,951) |
Refundable Tax Credit Receivable |
|
|
(441,196) |
|
|
— |
|
|
(441,196) |
Other Assets |
|
|
14,111 |
|
|
— |
|
|
14,111 |
Accounts Payable |
|
|
(310,665) |
|
|
— |
|
|
(310,665) |
Lease Liabilities |
|
|
(181,977) |
|
|
— |
|
|
(181,977) |
Accrued Expenses |
|
|
40,882 |
|
|
— |
|
|
40,882 |
Net cash used in operating activities |
|
|
(10,887,672) |
|
|
212,282 |
|
|
(10,675,390) |
Net cash used in investing activities |
|
|
(157,020) |
|
|
— |
|
|
(157,020) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds stock offerings |
|
|
18,750,016 |
|
|
— |
|
|
18,750,016 |
Stock Issuance costs |
|
|
(1,004,809) |
|
|
— |
|
|
(1,004,809) |
Exercise Warrants |
|
|
50,001 |
|
|
— |
|
|
50,001 |
Repayment of Loan Payable |
|
|
— |
|
|
(212,282) |
|
|
(212,282) |
Net cash provided by financing activities |
|
|
17,795,208 |
|
|
(212,282) |
|
|
17,582,926 |
Effects of Exchange Rate Changes on Cash |
|
|
(81,503) |
|
|
— |
|
|
(81,503) |
Net Cash Increase or decrease |
|
|
6,669,013 |
|
|
— |
|
|
6,669,013 |
Cash, Including Restricted Cash, Beginning of Year |
|
|
1,230,677 |
|
|
— |
|
|
1,230,677 |
Cash, Including Restricted Cash, End of Year |
|
$ |
7,899,690 |
|
|
— |
|
$ |
7,899,690 |
|