| Schedule of quarterly financial information |
Balance Sheet as of March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
As Previously |
|
2020 |
|
|
2021 |
|
|
|
Balance Sheet |
|
Reported |
|
restatements |
|
|
restatements |
|
As Restated |
Total Current Assets |
|
$ |
6,991,086 |
|
|
— |
|
|
— |
|
$ |
6,991,086 |
Property and Equipment, Net |
|
|
84,264 |
|
|
— |
|
|
— |
|
|
84,264 |
Restricted Cash |
|
|
45,000 |
|
|
— |
|
|
— |
|
|
45,000 |
Goodwill |
|
|
3,484,607 |
|
$ |
146,605 |
|
|
— |
|
|
3,631,212 |
Intangible Assets and In-process R&D, Net |
|
|
9,723,914 |
|
|
— |
|
|
— |
|
|
9,723,914 |
Operating Leases Assets with Right-of-Use |
|
|
242,730 |
|
|
— |
|
|
— |
|
|
242,730 |
Other Assets |
|
|
49,001 |
|
|
— |
|
|
— |
|
|
49,001 |
Total assets |
|
$ |
20,620,602 |
|
$ |
146,605 |
|
|
— |
|
$ |
20,767,207 |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,425,598 |
|
|
212,281 |
|
|
|
|
$ |
1,637,879 |
Contingent Consideration |
|
|
5,342,950 |
|
|
(2,795,876) |
|
$ |
(570,203) |
|
|
1,976,871 |
Deferred Tax Liability |
|
|
728,926 |
|
|
— |
|
|
— |
|
|
728,926 |
Paycheck Protection Program Loan |
|
|
278,190 |
|
|
— |
|
|
— |
|
|
278,190 |
Non-current Operating Lease Liabilities |
|
|
159,938 |
|
|
— |
|
|
— |
|
|
159,938 |
Total liabilities |
|
|
7,935,602 |
|
|
(2,583,595) |
|
|
(570,203) |
|
|
4,781,804 |
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value |
|
|
41 |
|
|
— |
|
|
— |
|
|
41 |
Common Stock, $0.01 par value |
|
|
70,979 |
|
|
— |
|
|
— |
|
|
70,979 |
Additional paid-in-capital |
|
|
123,523,964 |
|
|
1,500,030 |
|
|
— |
|
|
125,023,994 |
Accumulated deficit |
|
|
(110,919,655) |
|
|
1,230,170 |
|
|
570,203 |
|
|
(109,119,282) |
Accumulated Other Comprehensive Income |
|
|
9,671 |
|
|
— |
|
|
— |
|
|
9,671 |
Total stockholders’ equity |
|
|
12,685,000 |
|
|
2,730,200 |
|
|
570,203 |
|
|
15,985,403 |
Total liabilities and stockholders’ equity |
|
$ |
20,620,602 |
|
$ |
146,605 |
|
|
— |
|
$ |
20,767,207 |
Statement of Operations and Comprehensive Loss for the 3 months ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 months ended March 31, 2021 |
|
|
As Previously |
|
2021 |
|
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
restatements |
|
As restated |
Research and Development |
|
$ |
1,280,242 |
|
|
— |
|
$ |
1,280,242 |
General and Administrative |
|
|
1,300,143 |
|
|
— |
|
|
1,300,143 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
$ |
(570,203) |
|
|
(570,203) |
Total Operating Expenses |
|
|
2,580,385 |
|
|
(570,203) |
|
|
2,010,182 |
Operating Loss before Other Income |
|
|
(2,580,385) |
|
|
570,203 |
|
|
(2,010,182) |
Interest Income |
|
|
250 |
|
|
— |
|
|
250 |
Interest Expense |
|
|
(686) |
|
|
— |
|
|
(686) |
Total other (expense) income |
|
|
(436) |
|
|
— |
|
|
(436) |
Loss before Income Tax Benefit (Expense) |
|
|
(2,580,821) |
|
|
570,203 |
|
|
(2,010,618) |
Income Tax Benefit (Expense) |
|
|
— |
|
|
— |
|
|
— |
Net loss |
|
$ |
(2,580,821) |
|
$ |
570,203 |
|
$ |
(2,010,618) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
6,954,438 |
|
|
403,461 |
|
|
7,357,899 |
Basic and Diluted net loss |
|
$ |
(0.37) |
|
|
|
|
$ |
(0.27) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(2,580,821) |
|
$ |
570,203 |
|
$ |
(2,010,618) |
Foreign Currency Translation Adjustments |
|
|
10,473 |
|
|
— |
|
|
10,473 |
Comprehensive Loss |
|
$ |
(2,570,348) |
|
$ |
570,203 |
|
$ |
(2,000,145) |
Stockholders’ Equity as of March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
As Previously |
|
2020 |
|
2021 |
|
|
|
Stockholders’ equity |
|
Reported |
|
restatements |
|
restatements |
|
As restated |
Preferred Stock, $0.01 par value |
|
$ |
41 |
|
|
— |
|
|
— |
|
$ |
41 |
Common Stock, $0.01 par value |
|
|
70,979 |
|
|
— |
|
|
— |
|
|
70,979 |
Additional paid-in-capital |
|
|
123,523,964 |
|
$ |
1,500,030 |
|
|
— |
|
|
125,023,994 |
Accumulated deficit |
|
|
(110,919,655) |
|
|
1,230,170 |
|
$ |
570,203 |
|
|
(109,119,282) |
Accumulated Other Comprehensive Income |
|
|
9,671 |
|
|
— |
|
|
— |
|
|
9,671 |
Total stockholders’ equity |
|
$ |
12,685,000 |
|
$ |
2,730,200 |
|
$ |
570,203 |
|
$ |
15,985,403 |
Statement of Cash Flows for the 3 months ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
|
|
|
|
2021 |
|
|
|
|
As Previously |
|
Restatement |
|
|
Statement of Cash Flows |
|
Reported |
|
Adjustment |
|
As restated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,580,821) |
|
$ |
570,203 |
|
$ |
(2,010,618) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization of Intangible Assets |
|
|
10,599 |
|
|
— |
|
|
10,599 |
Reduction of Right-of-Use Assets |
|
|
39,490 |
|
|
— |
|
|
39,490 |
Stock-Based Compensation |
|
|
216,945 |
|
|
— |
|
|
216,945 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
|
(570,203) |
|
|
(570,203) |
Deferred Taxes |
|
|
— |
|
|
— |
|
|
— |
Paycheck Protection Program Loan Forgiveness |
|
|
— |
|
|
— |
|
|
— |
Goodwill Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Intangible Asset Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired: |
|
|
— |
|
|
— |
|
|
|
Prepaid Expenses and Other Current Assets |
|
|
216,078 |
|
|
— |
|
|
216,078 |
Refundable Tax Credit Receivable |
|
|
(59,706) |
|
|
— |
|
|
(59,706) |
Other Assets |
|
|
8,073 |
|
|
— |
|
|
8,073 |
Accounts Payable |
|
|
22,583 |
|
|
— |
|
|
22,583 |
Lease Liabilities |
|
|
(39,490) |
|
|
— |
|
|
(39,490) |
Accrued Expenses |
|
|
(403,802) |
|
|
— |
|
|
(403,802) |
Net cash used in operating activities |
|
|
(2,570,051) |
|
|
— |
|
|
(2,570,051) |
Net cash used in investing activities |
|
|
(58,119) |
|
|
— |
|
|
(58,119) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds from stock offerings |
|
|
7,988,861 |
|
|
— |
|
|
7,988,861 |
Stock issuance costs |
|
|
— |
|
|
— |
|
|
— |
Exercise warrants |
|
|
50,001 |
|
|
— |
|
|
50,001 |
Repayment of Loan Payable |
|
|
— |
|
|
— |
|
|
— |
Net cash provided by financing activities |
|
|
8,038,862 |
|
|
— |
|
|
8,038,862 |
Effects of Exchange Rate Changes on Cash |
|
|
14,123 |
|
|
— |
|
|
14,123 |
Net Cash Increase or decrease |
|
|
5,424,815 |
|
|
— |
|
|
5,424,815 |
Cash, Including Restricted Cash, Beginning of Year |
|
|
1,230,677 |
|
|
|
|
|
1,230,677 |
Cash, Including Restricted Cash, End of Year |
|
$ |
6,655,492 |
|
|
— |
|
$ |
6,655,492 |
Balance Sheet as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
|
As Previously |
|
2020 |
|
|
2021 |
|
|
|
Balance Sheet |
|
Reported |
|
restatements |
|
|
restatements |
|
As Restated |
Total Current Assets |
|
$ |
4,415,173 |
|
|
— |
|
|
— |
|
$ |
4,415,173 |
Property and Equipment, Net |
|
|
83,682 |
|
|
— |
|
|
— |
|
|
83,682 |
Restricted cash |
|
|
45,000 |
|
|
— |
|
|
— |
|
|
45,000 |
Goodwill |
|
|
3,484,607 |
|
$ |
146,605 |
|
|
— |
|
|
3,631,212 |
Intangible Assets and In-process R&D, Net |
|
|
9,717,664 |
|
|
— |
|
|
— |
|
|
9,717,664 |
Operating Leases Assets with Right-of-Use |
|
|
308,013 |
|
|
— |
|
|
— |
|
|
308,013 |
Other Assets |
|
|
45,921 |
|
|
— |
|
|
— |
|
|
45,921 |
Total assets |
|
$ |
18,100,060 |
|
$ |
146,605 |
|
|
— |
|
$ |
18,246,665 |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,436,440 |
|
|
212,281 |
|
|
— |
|
$ |
1,648,721 |
Contingent Consideration |
|
|
5,342,950 |
|
|
(2,795,876) |
|
$ |
(496,486) |
|
|
2,050,588 |
Deferred Tax Liability |
|
|
728,926 |
|
|
— |
|
|
— |
|
|
728,926 |
Non-current Operating Lease Liabilities |
|
|
137,957 |
|
|
— |
|
|
— |
|
|
137,957 |
Total liabilities |
|
|
7,646,273 |
|
|
(2,583,595) |
|
|
(496,486) |
|
|
4,566,192 |
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value |
|
|
41 |
|
|
— |
|
|
— |
|
|
41 |
Common Stock, $0.01 par value |
|
|
70,979 |
|
|
— |
|
|
— |
|
|
70,979 |
Additional paid-in-capital |
|
|
123,786,856 |
|
|
1,500,030 |
|
|
— |
|
|
125,286,886 |
Accumulated deficit |
|
|
(113,388,953) |
|
|
1,230,170 |
|
|
496,486 |
|
|
(111,662,297) |
Accumulated Other Comprehensive Income |
|
|
(15,136) |
|
|
— |
|
|
— |
|
|
(15,136) |
Total stockholders’ equity |
|
|
10,453,787 |
|
|
2,730,200 |
|
|
496,486 |
|
|
13,680,473 |
Total liabilities and stockholders’ equity |
|
$ |
18,100,060 |
|
$ |
146,605 |
|
|
— |
|
$ |
18,246,665 |
Statement of Operations and Comprehensive Loss for the 3 months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 months ended June 30, 2021 |
|
|
As Previously |
|
2021 |
|
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
Restatement |
|
As restated |
Research and Development |
|
$ |
1,439,922 |
|
|
— |
|
$ |
1,439,922 |
General and Administrative |
|
|
1,305,865 |
|
|
— |
|
|
1,305,865 |
Change in Fair Value of Contingent Consideration Expense |
|
|
— |
|
$ |
73,717 |
|
|
73,717 |
Total Operating Expenses |
|
|
2,745,787 |
|
|
73,717 |
|
|
2,819,504 |
Operating Loss before Other Income |
|
|
(2,745,787) |
|
|
(73,717) |
|
|
(2,819,504) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Gain on Forgiveness of Loan |
|
|
278,190 |
|
|
— |
|
|
278,190 |
Interest Income |
|
|
332 |
|
|
— |
|
|
332 |
Interest Expense |
|
|
(2,033) |
|
|
— |
|
|
(2,033) |
Total other (expense) income |
|
|
276,489 |
|
|
|
|
|
276,489 |
Loss before Income Tax Benefit (Expense) |
|
|
(2,469,298) |
|
|
(73,717) |
|
|
(2,543,015) |
Income Tax Benefit (Expense) |
|
|
— |
|
|
— |
|
|
— |
Net Loss |
|
$ |
(2,469,298) |
|
$ |
(73,717) |
|
$ |
(2,543,015) |
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
7,062,750 |
|
|
403,461 |
|
|
7,466,211 |
Basic and Diluted net loss |
|
$ |
(0.35) |
|
|
|
|
$ |
(0.34) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(2,469,298) |
|
$ |
(73,317) |
|
$ |
(2,543,015) |
Foreign Currency Translation Adjustments |
|
|
(24,807) |
|
|
— |
|
|
(24,807) |
Comprehensive Loss |
|
$ |
(2,494,105) |
|
$ |
(73,317) |
|
$ |
(2,567,822) |
Statement of Operations and Comprehensive Loss for the 6 months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the 6 months ended June 30, 2021 |
|
|
As |
|
|
|
|
|
|
Previously |
|
2021 |
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
restatements |
|
As restated |
Research and Development |
|
$ |
2,720,164 |
|
|
— |
|
$ |
2,720,164 |
General and Administrative |
|
|
2,606,008 |
|
|
— |
|
|
2,606,008 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
$ |
(496,486) |
|
|
(496,486) |
Total Operating Expenses |
|
|
5,326,172 |
|
|
(496,486) |
|
|
4,829,686 |
Operating Loss before Other Income |
|
|
(5,326,172) |
|
|
496,486 |
|
|
(4,829,686) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Forgiveness of Loan |
|
|
278,190 |
|
|
— |
|
|
278,190 |
Interest Income |
|
|
582 |
|
|
— |
|
|
582 |
Interest Expense |
|
|
(2,719) |
|
|
— |
|
|
(2,719) |
Total other (expense) income |
|
|
276,053 |
|
|
— |
|
|
276,053 |
Loss before Income Tax Benefit (Expense) |
|
|
(5,050,119) |
|
|
496,486 |
|
|
(4,553,633) |
Income Tax Benefit (Expense) |
|
|
— |
|
|
— |
|
|
— |
Net Loss |
|
$ |
(5,050,119) |
|
$ |
496,486 |
|
$ |
(4,553,633) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
7,005,902 |
|
|
403,461 |
|
|
7,409,363 |
Basic and Diluted net loss |
|
$ |
(0.72) |
|
|
|
|
$ |
(0.61) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(5,050,119) |
|
$ |
496,486 |
|
$ |
(4,553,633) |
Foreign Currency Translation Adjustments |
|
|
(14,334) |
|
|
— |
|
|
(14,334) |
Comprehensive Loss |
|
$ |
(5,064,453) |
|
$ |
496,486 |
|
$ |
(4,567,967) |
Stockholders’ Equity as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
|
As Previously |
|
2020 |
|
2021 |
|
|
|
Stockholders’ equity |
|
Reported |
|
restatements |
|
restatements |
|
As restated |
Preferred Stock, $0.01 par value |
|
$ |
41 |
|
|
— |
|
|
— |
|
$ |
41 |
Common Stock, $0.01 par value |
|
|
70,979 |
|
|
— |
|
|
— |
|
|
70,979 |
Additional paid-in-capital |
|
|
123,786,856 |
|
$ |
1,500,030 |
|
|
— |
|
|
125,286,886 |
Accumulated deficit |
|
|
(113,388,953) |
|
|
1,230,170 |
|
$ |
496,486 |
|
|
(111,662,297) |
Accumulated Other Comprehensive Income |
|
|
(15,136) |
|
|
— |
|
|
— |
|
|
(15,136) |
Total stockholders’ equity |
|
$ |
10,453,787 |
|
$ |
2,730,200 |
|
$ |
496,486 |
|
$ |
13,680,473 |
Statement of Cash Flows for the 6 months ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
|
|
|
|
2021 |
|
|
|
|
|
As Previously |
|
Restatement |
|
|
|
Statement of Cash Flows |
|
Reported |
|
Adjustment |
|
As restated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(5,050,119) |
|
$ |
496,486 |
|
$ |
(4,553,633) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization of Intangible Assets |
|
|
23,203 |
|
|
— |
|
|
23,203 |
Reduction of Right-of-Use Assets |
|
|
86,387 |
|
|
— |
|
|
86,387 |
Stock-Based Compensation |
|
|
479,837 |
|
|
— |
|
|
479,837 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
|
(496,486) |
|
|
(496,486) |
Deferred Taxes |
|
|
— |
|
|
— |
|
|
|
Paycheck Protection Program Loan Forgiveness |
|
|
|
|
|
(278,190) |
|
|
(278,190) |
Goodwill Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Intangible Asset Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired: |
|
|
— |
|
|
— |
|
|
|
Prepaid Expenses and Other Current Assets |
|
|
8,786 |
|
|
— |
|
|
8,786 |
Refundable Tax Credit Receivable |
|
|
(222,645) |
|
|
— |
|
|
(222,645) |
Other Assets |
|
|
11,153 |
|
|
— |
|
|
11,153 |
Accounts Payable |
|
|
(142,444) |
|
|
— |
|
|
(142,444) |
Lease Liabilities |
|
|
(86,387) |
|
|
— |
|
|
(86,387) |
Accrued Expenses |
|
|
(315,196) |
|
|
— |
|
|
(315,196) |
Net cash used in operating activities |
|
|
(5,207,425) |
|
|
(278,190) |
|
|
(5,485,615) |
Net cash used in investing activities |
|
|
(63,865) |
|
|
— |
|
|
(63,865) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds from stock offerings |
|
|
7,988,861 |
|
|
— |
|
|
7,988,861 |
Stock Issuance Costs |
|
|
— |
|
|
|
|
|
— |
PPP Loan Forgiveness |
|
|
(278,190) |
|
|
278,190 |
|
|
|
Exercise of Warrants |
|
|
50,001 |
|
|
— |
|
|
50,001 |
Repayment of Loan Payable |
|
|
— |
|
|
— |
|
|
— |
Net cash provided by financing activities |
|
|
7,760,672 |
|
|
278,190 |
|
|
8,038,862 |
Effects of Exchange Rate Changes on Cash |
|
|
(11,835) |
|
|
— |
|
|
(11,835) |
Net Cash Increase or decrease |
|
|
2,477,547 |
|
|
— |
|
|
2,477,547 |
Cash, Including Restricted Cash, Beginning of Year |
|
|
1,230,677 |
|
|
|
|
|
1,230,677 |
Cash, Including Restricted Cash, End of Year |
|
$ |
3,708,224 |
|
$ |
— |
|
$ |
3,708,224 |
Balance Sheet as of September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2021 |
|
|
As Previously |
|
2020 |
|
|
2021 |
|
|
|
Balance Sheet |
|
Reported |
|
restatements |
|
|
Restatement |
|
As Restated |
Total Current Assets |
|
$ |
11,870,019 |
|
|
— |
|
|
— |
|
$ |
11,870,019 |
Property and Equipment, Net |
|
|
78,833 |
|
|
— |
|
|
— |
|
|
78,833 |
Restricted cash |
|
|
45,000 |
|
|
— |
|
|
— |
|
|
45,000 |
Goodwill |
|
|
3,484,607 |
|
$ |
146,605 |
|
|
— |
|
|
3,631,212 |
Intangible Assets and In-process R&D, Net |
|
|
9,711,414 |
|
|
— |
|
|
— |
|
|
9,711,414 |
Operating Leases Assets with Right-of-Use |
|
|
259,217 |
|
|
— |
|
|
— |
|
|
259,217 |
Other Assets |
|
|
44,249 |
|
|
— |
|
|
— |
|
|
44,249 |
Total assets |
|
$ |
25,493,339 |
|
$ |
146,605 |
|
|
— |
|
$ |
25,639,944 |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,958,942 |
|
|
212,281 |
|
|
— |
|
$ |
2,171,223 |
Contingent Consideration |
|
|
5,342,950 |
|
|
(2,795,876) |
|
$ |
(428,480) |
|
|
2,118,594 |
Deferred Tax Liability |
|
|
728,926 |
|
|
— |
|
|
— |
|
|
728,926 |
Non-current Operating Lease Liabilities |
|
|
114,475 |
|
|
— |
|
|
— |
|
|
114,475 |
Total liabilities |
|
|
8,145,293 |
|
|
(2,583,595) |
|
|
(428,480) |
|
|
5,133,218 |
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Common Stock, $0.01 par value |
|
|
126,193 |
|
|
— |
|
|
— |
|
|
126,193 |
Additional paid-in-capital |
|
|
133,637,500 |
|
|
1,500,030 |
|
|
— |
|
|
135,137,530 |
Accumulated deficit |
|
|
(116,355,777) |
|
|
1,230,170 |
|
|
428,480 |
|
|
(114,697,127) |
Accumulated Other Comprehensive Income |
|
|
(59,870) |
|
|
— |
|
|
— |
|
|
(59,870) |
Total stockholders’ equity |
|
|
17,348,046 |
|
|
2,730,200 |
|
|
428,480 |
|
|
20,506,726 |
Total liabilities and stockholders’ equity |
|
$ |
25,493,339 |
|
$ |
146,605 |
|
|
— |
|
$ |
25,639,944 |
Statement of Operations and Comprehensive Loss for the 3 months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 months ended September 30, 2021 |
|
|
As Previously |
|
Restatement |
|
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
Adjustment |
|
As restated |
Research and Development |
|
$ |
1,628,467 |
|
|
— |
|
$ |
1,628,467 |
General and Administrative |
|
|
1,338,616 |
|
|
— |
|
|
1,338,616 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
$ |
68,006 |
|
|
68,006 |
Total Operating Expenses |
|
|
2,967,083 |
|
|
68,006 |
|
|
3,035,089 |
Operating Loss before Other Income |
|
|
(2,967,083) |
|
|
(68,006) |
|
|
(3,035,089) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
259 |
|
|
— |
|
|
259 |
Total other (expense) income |
|
|
259 |
|
|
— |
|
|
259 |
Loss before Income Tax Benefit (Expense) |
|
|
(2,966,824) |
|
|
(68,006) |
|
|
(3,034,830) |
Income Tax Benefit (Expense) |
|
|
— |
|
|
— |
|
|
— |
Net Loss |
|
$ |
(2,966,824) |
|
$ |
(68,006) |
|
$ |
(3,034,830) |
Weighted Average Shares Outstanding – Basic and Diluted |
|
|
10,265,108 |
|
|
403,461 |
|
|
10,668,569 |
Basic and Diluted net loss |
|
$ |
(0.29) |
|
|
|
|
$ |
(0.28) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(2,966,824) |
|
$ |
(68,006) |
|
$ |
(3,034,830) |
Foreign Currency Translation Adjustments |
|
|
(44,734) |
|
|
— |
|
|
(44,734) |
Comprehensive Loss |
|
$ |
(3,011,558) |
|
$ |
(68,006) |
|
$ |
(3,079,564) |
Statement of Operations and Comprehensive Loss for the 9 months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
For the 9 months ended September 30, 2021 |
|
|
As Previously |
|
2021 |
|
|
Statement of Operations and Comprehensive Loss |
|
Reported |
|
restatements |
|
As restated |
Research and Development |
|
$ |
4,348,631 |
|
|
— |
|
$ |
4,348,631 |
General and Administrative |
|
|
3,944,624 |
|
|
— |
|
|
3,944,624 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
$ |
(428,480) |
|
|
(428,480) |
Total Operating Expenses |
|
|
8,293,255 |
|
|
(428,480) |
|
|
7,864,775 |
Operating Loss before Other Income |
|
|
(8,293,255) |
|
|
428,480 |
|
|
(7,864,775) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Gain on Forgiveness of Loan |
|
|
278,190 |
|
|
— |
|
|
278,190 |
Interest Income |
|
|
841 |
|
|
— |
|
|
841 |
Interest Expense |
|
|
(2,719) |
|
|
— |
|
|
(2,719) |
Total other (expense) income |
|
|
276,312 |
|
|
— |
|
|
276,312 |
Loss before Income Tax Benefit (Expense) |
|
|
(8,016,943) |
|
|
428,480 |
|
|
(7,588,463) |
Income Tax Benefit (Expense) |
|
|
— |
|
|
— |
|
|
— |
Loss before Income Tax Benefit (Expense) |
|
$ |
(8,016,943) |
|
$ |
428,480 |
|
$ |
(7,588,463) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic and Diluted |
|
|
8,101,004 |
|
|
403,461 |
|
|
8,504,465 |
Basic and Diluted net loss |
|
$ |
(0.99) |
|
|
|
|
$ |
(0.89) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(8,016,943) |
|
$ |
428,480 |
|
$ |
(7,588,463) |
Foreign Currency Translation Adjustments |
|
|
(59,068) |
|
|
— |
|
|
(59,068) |
Comprehensive Loss |
|
$ |
(8,076,011) |
|
|
428,480 |
|
$ |
(7,647,531) |
Stockholders’ Equity as of September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2021 |
|
|
As Previously |
|
2020 |
|
2021 Restatements |
|
|
|
Stockholders’ equity |
|
Reported |
|
Restatements |
|
|
|
As restated |
Preferred Stock, $0.01 par value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Common Stock, $0.01 par value |
|
$ |
126,193 |
|
|
— |
|
|
— |
|
$ |
126,193 |
Additional paid-in-capital |
|
|
133,637,500 |
|
$ |
1,500,030 |
|
|
— |
|
|
135,137,530 |
Accumulated deficit |
|
|
(116,355,777) |
|
|
1,230,170 |
|
$ |
428,480 |
|
|
(114,697,127) |
Accumulated Other Comprehensive Income |
|
|
(59,870) |
|
|
— |
|
|
— |
|
|
(59,870) |
Total stockholders’ equity |
|
$ |
17,348,046 |
|
$ |
2,730,200 |
|
$ |
428,480 |
|
$ |
20,506,726 |
Statement of Cash Flows for the 9 months ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2021 |
|
|
|
|
2021 |
|
|
|
|
As Previously |
|
Restatement |
|
|
Statement of Cash Flows |
|
Reported |
|
Adjustment |
|
As restated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,016,943) |
|
$ |
428,480 |
|
$ |
(7,588,463) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization of Intangible Assets |
|
|
34,260 |
|
|
— |
|
|
34,260 |
Reduction of Right-of-Use Assets |
|
|
133,514 |
|
|
— |
|
|
133,514 |
Stock-Based Compensation |
|
|
629,306 |
|
|
— |
|
|
629,306 |
Change in Fair Value of Contingent Consideration |
|
|
— |
|
|
(428,480) |
|
|
(428,480) |
Deferred Taxes |
|
|
— |
|
|
— |
|
|
— |
Paycheck Protection Program Loan Forgiveness |
|
|
— |
|
|
(278,190) |
|
|
(278,190) |
Goodwill Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Intangible Asset Impairment Loss |
|
|
— |
|
|
— |
|
|
— |
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired: |
|
|
— |
|
|
— |
|
|
— |
Prepaid Expenses and Other Current Assets |
|
|
107,940 |
|
|
— |
|
|
107,940 |
Refundable Tax Credit Receivable |
|
|
(335,096) |
|
|
— |
|
|
(335,096) |
Other Assets |
|
|
12,826 |
|
|
— |
|
|
12,826 |
Accounts Payable |
|
|
(9,875) |
|
|
— |
|
|
(9,875) |
Lease Liabilities |
|
|
(133,514) |
|
|
— |
|
|
(133,514) |
Accrued Expenses |
|
|
100,050 |
|
|
— |
|
|
100,050 |
Net cash used in operating activities |
|
|
(7,477,532) |
|
|
(278,190) |
|
|
(7,755,722) |
Net cash used in investing activities |
|
|
(63,865) |
|
|
— |
|
|
(63,865) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds from stock offerings |
|
|
17,745,207 |
|
|
— |
|
|
17,745,207 |
Stock Issuance Costs |
|
|
— |
|
|
— |
|
|
— |
Exercise of Warrants |
|
|
50,001 |
|
|
— |
|
|
50,001 |
PPP loan forgiveness |
|
|
(278,190) |
|
|
278,190 |
|
|
— |
Repayment of Loan Payable |
|
|
— |
|
|
— |
|
|
— |
Net cash provided by financing activities |
|
|
17,517,018 |
|
|
278,190 |
|
|
17,795,208 |
Effects of Exchange Rate Changes on Cash |
|
|
(54,371) |
|
|
— |
|
|
(54,371) |
Net Cash Increase or decrease |
|
|
9,921,250 |
|
|
— |
|
|
9,921,250 |
Cash, Including Restricted Cash, Beginning of Year |
|
|
1,230,677 |
|
|
— |
|
|
1,230,677 |
Cash, Including Restricted Cash, End of Year |
|
$ |
11,151,927 |
|
$ |
— |
|
$ |
11,151,927 |
|