Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.7.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Schedule of Effect of Revision on Financial Statements
The effect of this revision on the line items within the Company’s consolidated balance sheets as of December 31, 2015 was as follows:
 
   
December 31, 2015
 
 
 
As previously
             
 
 
reported
   
Adjustment
   
As revised
 
Deferred revenue
 
$
7,507,176
   
$
2,459,717
   
$
9,966,893
 
Total current liabilities
   
13,368,329
     
2,459,717
     
15,828,046
 
Total liabilities
   
18,782,659
     
2,459,717
     
21,242,376
 
Accumulated deficit
   
(40,890,017
)
   
(2,459,717
)
   
(43,349,734
)
Stockholders’ equity
 
$
22,645,157
   
$
(2,459,717
)
 
$
20,185,440
 

The effect of this revision on the line items within the Company’s consolidated statements of operations for the year ended December 31, 2015 was as follows:

   
Year Ended
 
   
December 31, 2015
 
   
As previously
             
 
 
reported
   
Adjustment
   
As revised
 
Revenues
 
$
38,614,226
   
$
(432,625
)
 
$
38,181,601
 
Impairment expense
   
25,113,034
     
2,027,092
     
27,140,126
 
Loss from operations
   
(33,931,811
)
   
(2,459,717
)
   
(36,391,528
)
Net loss
 
$
(35,795,554
)
 
$
(2,459,717
)
 
$
(38,255,271
)
Net loss per share:
                       
Basic and Diluted (as adjusted for the Reverse Stock
Split)
 
$
(20.56
)
 
$
(1.43
)
 
$
(21.99
)

The effect of this revision on the line items within the Company’s consolidated statements of cash flows for the year ended December 31, 2015 was as follows:
 
   
Year Ended
 
   
December 31, 2015
 
   
As previously
             
 
 
reported
   
Adjustment
   
As revised
 
Net loss
 
$
(35,795,554
)
 
$
(2,459,717
)
 
$
(38,255,271
)
Adjustments to reconcile net loss to net cash used in
operating activities:
                       
Impairment expense
   
25,113,034
     
2,027,092
     
27,140,126
 
Changes in operating assets and liabilities: deferred revenue
   
(2,571,762
)
   
432,625
     
(2,139,137
)
Cash used in operating activities
 
$
(6,164,168
)
 
$
   
$
(6,164,168
)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
 
 
2016
   
2015
 
Warrants to purchase common stock
   
170,314
     
45,314
 
Stock options
   
69,950
     
19,653
 
Unvested restricted stock
   
2,778
     
5,556
 
 
   
243,042
     
70,523