| Quarterly Financial Information (Unaudited) |
17. Quarterly Financial Information (Unaudited)
The following tables contain unaudited condensed consolidated quarterly financial information for the quarterly periods ended March 31, June 30, and September 30, 2021, that has been updated to reflect the restatement and revision of the Company’s consolidated financial statements as described in Note 2—Restatement of Financial Statements. The restatement and revision had an impact on net cash flows from financing activities. The Company has not amended its previously filed Quarterly Reports on Form 10-Q for the Affected Periods. The financial information that has been previously filed or otherwise reported for the Affected Periods is superseded by the information in this Annual Report, and the consolidated financial statements and related financial information for the Affected Period contained in such previously filed reports should no longer be relied upon.
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 |
|