| Schedule of Effect of Revision on Financial Statements |
| |
|
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
|
|
| |
|
Three Months Ended
|
|
| |
|
September 30, 2015
|
|
| |
|
As previously
|
|
|
|
|
|
|
|
| |
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Revenues
|
|
$
|
9,343,312
|
|
|
$
|
(122,133
|
)
|
|
$
|
9,221,179
|
|
|
Impairment expense
|
|
|
24,717,157
|
|
|
|
2,027,092
|
|
|
|
26,744,249
|
|
|
Loss from operations
|
|
|
(26,676,607
|
)
|
|
|
(2,149,225
|
)
|
|
|
(28,825,832
|
)
|
|
Net loss
|
|
$
|
(29,657,447
|
)
|
|
$
|
(2,149,225
|
)
|
|
$
|
(31,806,672
|
)
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted (as adjusted for the Reverse Stock Split)
|
|
$
|
(16.40
|
)
|
|
$
|
(1.19
|
)
|
|
$
|
(17.59
|
)
|
| |
|
Nine Months Ended
|
|
| |
|
September 30, 2015
|
|
| |
|
As previously
|
|
|
|
|
|
|
|
| |
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Revenues
|
|
$
|
30,444,581
|
|
|
$
|
(432,625
|
)
|
|
$
|
30,011,956
|
|
|
Impairment expense
|
|
|
24,717,157
|
|
|
|
2,027,092
|
|
|
|
26,744,249
|
|
|
Loss from operations
|
|
|
(30,504,220
|
)
|
|
|
(2,459,717
|
)
|
|
|
(32,963,937
|
)
|
|
Net loss
|
|
$
|
(31,978,604
|
)
|
|
$
|
(2,459,717
|
)
|
|
$
|
(34,438,321
|
)
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted (as adjusted for the Reverse Stock Split)
|
|
$
|
(18.62
|
)
|
|
$
|
(1.43
|
)
|
|
$
|
(20.05
|
)
|
| |
|
Nine Months Ended
|
|
| |
|
September 30, 2015
|
|
| |
|
As previously
|
|
|
|
|
|
|
|
| |
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Net loss
|
|
$
|
(31,978,604
|
)
|
|
$
|
(2,459,717
|
)
|
|
$
|
(34,438,321
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment expense
|
|
|
24,717,157
|
|
|
|
2,027,092
|
|
|
|
26,744,249
|
|
|
Changes in operating assets and liabilities: deferred revenue
|
|
|
(1,522,427
|
)
|
|
|
432,625
|
|
|
|
(1,089,802
|
)
|
|
Cash used in operating activities
|
|
$
|
(4,206,779
|
)
|
|
$
|
—
|
|
|
$
|
(4,206,779
|
)
|
|