Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The computation of Net Loss per Common Share – Basic and Diluted, is based on the weighted-average number of shares outstanding of Common Stock. 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.
 
 
 
September 30,
2018
(unaudited)
 
 
September 30,
2017
(unaudited)
 
Common Stock Warrants
 
 
41,194,086
 
 
 
9,519,403
 
Employee Stock Options
 
 
2,187,525
 
 
 
1,858,300
 
Preferred Stock
 
 
12,787,500
 
 
 
400,000
 
Total Shares of Common Stock Issuable
 
 
56,169,111
 
 
 
11,777,703
 
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 Condensed 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 Condensed Consolidated Balance Sheet for the nine months ending September 30, 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
 
$
(90,622,193
)
 
$
(101,517,793
)
 
$
10,895,600
 
 
The impact from adopting the new revenue recognition guidance on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2018 was as follows:
 
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
 
As Reported
 
 
Previous

Accounting

Guidance
 
 
Impact from

Adopting

New Revenue

Guidance
 
 
As

Reported
 
 
Previous

Accounting

Guidance
 
 
Impact from

Adopting New

Revenue

Guidance
 
Collaboration Revenue
 
$
314,500
 
 
$
-
 
 
$
314,500
 
 
$
1,652,520
 
 
$
-
 
 
$
1,652,520
 
Operating Loss Before Other Expenses
 
 
(3,177,878
)
 
 
(3,492,378
)
 
 
314,500
 
 
 
(8,355,245
)
 
 
(10,007,765
)
 
 
1,652,520
 
Net Loss
 
 
(3,123,836
)
 
 
(3,438,336
)
 
 
314,500
 
 
 
(8,283,418
)
 
 
(9,935,938
)
 
 
1,652,520
 
Comprehensive Loss
 
$
(3,117,454
)
 
$
(3,431,954
)
 
$
314,500
 
 
$
(8,273,796
)
 
$
(9,926,316
)
 
$
1,652,520
 
Contract with Customer, Asset and Liability
The below table represents the changes in the Company’s contract assets and contract liabilities:
 
 
 
September 30,

2018
 
 
January 1, 2018
 
Contract Asset:
 
 
 
 
 
 
 
 
Unbilled Revenue
 
$
-
 
 
$
116,280
 
Contract Liabilities:
 
 
 
 
 
 
 
 
Deferred Revenue
 
$
2,686,000
 
 
$
2,952,000
 
  
 
 
Three Months

Ended  

September 30,

2018
 
 
Nine Months

Ended

September 30,

2018
 
Revenue recognized in the period from:
 
 
 
 
 
 
 
 
Amounts included in contract liability at the beginning of the period
 
$
37,000
 
 
$
266,000