Annual report pursuant to Section 13 and 15(d)

Restatement of Financial Statements (Tables)

v3.3.0.814
Restatement of Financial Statements (Tables)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Jun. 30, 2014
Jun. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2014
Dec. 31, 2013
Schedule of Outstanding Warrants, Restatement [Table Text Block]                    
    December 31,  
    2014     2013  
Issued to Investors on July 28,2010, entitling the holders to purchase 1,034,996
common shares in the Company at an exercise price of $9.00 per common share
up to and including July 27, 2017 		  1,034,996     1,034,996  
             
Issued to Investors on October 25, 2013, entitling the holders to purchase 1,250,000
common shares in the Company at an exercise price of $2.30 per common share
up to and including April 24, 2021 		  1,117,178     1,250,000  
             
Issued to Investors on November 17, 2014, entitling the holders to purchase 2,734,590
common shares in the Company at an exercise price of $2.31 per common share
up to and including May 16, 2022 		  2,734,590     -  
             
Total   4,886,764     2,284,996  
 
Schedule of Consolidated Statement of Operations, Restated [Table Text Block]
    Three Months Ended September 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     857,308   $ 857,308  
   Income (loss) from operations before income taxes   (761,312 )   857,308     95,996  
   Net Income (loss)   (761,312 )   857,308     95,996  
   Net income (loss) per share, basic and diluted $ (0.05 )   0.06   $ 0.01  
    Three Months Ended June 30, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (96,029 ) $ (96,029 )
   Loss from operations before income taxes   (1,655,108 )   (96,029 )   (1,751,137 )
   Net loss   (1,655,108 )   (96,029 )   (1,751,137 )
   Net loss per share, basic and diluted $ (0.11 )   (0.01 ) $ (0.12 )
    Three Months Ended March 31, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
                   
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (1,974,330 ) $ (1,974,330 )
   Loss from operations before income taxes   (1,433,922 )   (1,974,330 )   (3,408,252 )
   Net loss   (1,433,922 )   (1,974,330 )   (3,408,252 )
   Net loss per share, basic and diluted $ (0.10 )   (0.13 ) $ (0.23 )
    Three Months Ended September 30, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (47,862 ) $ (47,862 )
   Loss from operations before income taxes   (1,319,279 )   (47,862 )   (1,367,141 )
   Net loss   (1,319,279 )   (47,862 )   (1,367,141 )
   Net loss per share, basic and diluted $ (0.11 )   (0.00 ) $ (0.11 )
    Three Months Ended June 30, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     75,815   $ 75,815  
   Loss from operations before income taxes   (1,023,844 )   75,815     (948,029 )
   Net loss   (1,023,844 )   75,815     (948,029 )
   Net loss per share, basic and diluted $ (0.08 )   -   $ (0.08 )
    Three Months Ended March 31, 2013  
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (113,826 ) $ (113,826 )
   Loss from operations before income taxes   (1,278,922 )   (113,826 )   (1,392,748 )
   Net loss   (1,278,922 )   (113,826 )   (1,392,748 )
   Net loss per share, basic and diluted $ (0.10 )   (0.01 ) $ (0.11 )
    Six Months Ended June 30, 2014  
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (2,070,359 ) $ (2,070,359 )
   Loss from operations before income taxes   (3,089,030 )   (2,070,359 )   (5,159,389 )
   Net loss   (3,089,030 )   (2,070,359 )   (5,159,389 )
   Net loss per share, basic and diluted $ (0.21 )   (0.13 ) $ (0.34 )
    Six Months Ended June 30, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (38,011 ) $ (38,011 )
   Loss from operations before income taxes   (2,302,766 )   (38,011 )   (2,340,777 )
   Net loss   (2,302,766 )   (38,011 )   (2,340,777 )
   Net loss per share, basic and diluted $ (0.18 )   (0.01 ) $ (0.19 )
    Nine Months Ended September 30, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (1,213,051 ) $ (1,213,051 )
   Loss from operations before income taxes   (3,850,342 )   (1,213,051 )   (5,063,393 )
   Net loss   (3,850,342 )   (1,213,051 )   (5,063,393 )
   Net loss per share, basic and diluted $ (0.26 )   (0.08 ) $ (0.34 )
    Nine Months Ended September 30, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data
(unaudited): 		                 
   Warrant revaluation $   -     (85,873 ) $ (85,873 )
   Loss from operations before income taxes   (3,622,046 )   (85,873 )   (3,707,919 )
   Net loss   (3,622,046 )   (85,873 )   (3,707,919 )
   Net loss per share, basic and diluted $ (0.29 )   (0.01 ) $ (0.30 )
    Year Ended December 31, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data:                  
   Warrant revaluation $   -     1,162,730   $ 1,162,730  
   Loss from operations before income taxes   (4,817,044 )   1,162,730     (3,654,314 )
   Net loss   (4,817,044 )   1,162,730     (3,654,314 )
   Net loss per share, basic and diluted $ (0.31 )   0.07   $ (0.24 )
    Year Ended December 31, 2013  
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Statement of Operations Data:                  
   Warrant revaluation $   -     277,796   $ 277,796  
   Loss from operations before income taxes   (4,864,961 )   277,796     (4,587,165 )
   Net loss   (4,864,961 )   277,796     (4,587,165 )
   Net loss per share, basic and diluted $ (0.37 )   0.02   $ (0.35 )
Schedule of Consolidated Balance Sheet, Restated [Table Text Block]    
    As of March 31, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
                   
Consolidated Balance Sheet Data (unaudited):                  
                   
   Warrant liability $   -     3,685,661   $ 3,685,661  
   Total liabilities   636,742     3,685,661     4,322,403  
   Additional paid-in capital   76,303,552     (6,390,164 )   69,913,388  
   Accumulated deficit   (72,511,732 )   2,704,503     (69,807,229 )
   Total stockholders’ equity $ 3,806,884     (3,685,661 ) $ 121,223  
     
    As of June 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
                   
Consolidated Balance Sheet Data (unaudited):                  
   Warrant liability $   -     3,781,690   $ 3,781,690  
   Total liabilities   854,848     3,781,690     4,636,538  
   Additional paid-in capital   76,369,046     (6,390,164 )   69,978,882  
   Accumulated deficit   (74,166,840 )   2,608,474     (71,558,366 )
   Total stockholders’ equity (deficit) $ 2,217,278     (3,781,690 ) $ (1,564,412 )
 
    As of September 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
                   
Consolidated Balance Sheet Data (unaudited):                  
Warrant liability $   -     2,593,238   $ 2,593,238  
Total liabilities   389,404     2,593,238     2,982,642  
Additional paid-in capital   76,776,381     (6,059,020 )   70,717,361  
Accumulated deficit   (74,928,152 )   3,465,782     (71,462,370 )
Total stockholder’s equity (deficit) $ 1,863,433     (2,593,238 ) $ (729,805 )
 
    As of December 31, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
                   
Consolidated Balance Sheet Data:                  
   Warrant liability $   -     4,633,312   $ 4,633,312  
   Total liabilities   653,669     4,633,312     5,286,981  
   Additional paid-in capital   81,276,339     (10,474,875 )   70,801,464  
   Accumulated deficit   (75,894,854 )   5,841,563     (70,053,291 )
   Total stockholders’ equity $ 5,399,568     (4,633,312 ) $ 766,256  
    As of December 31, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Balance Sheet Data:                  
   Warrant liability $   -     1,711,331   $ 1,711,331  
   Total liabilities   476,628     1,711,331     2,187,959  
   Additional paid-in capital   76,243,764     (6,390,164 )   69,853,600  
   Accumulated deficit   (71,077,810 )   4,678,833     (66,398,977 )
   Total stockholders’ equity $ 5,181,011     (1,711,331 ) $ 3,469,680  
Schedule of Consolidated Cash Flows, Restated [Table Text Block]    
    Three Months Ended March 31, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Cash Flows Data (unaudited):                  
   Net loss $ (1,433,922 )   (1,974,330 ) $ (3,408,252 )
   Warrant revaluation $   -     1,974,330   $ 1,974,330  
   
    Three Months Ended March 31, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Cash Flows Data (unaudited):                  
   Net loss $ (1,278,922 )   (113,826 ) $ (1,392,748 )
   Warrant revaluation $   -     113,826   $ 113,826  
    Six Months Ended June 30, 2014  
                   
    As Previously     Adjustment     As Restated  
    Reported              
Consolidated Cash Flows Data (unaudited)                  
   Net loss $ (3,089,030 )   (2,070,359 ) $ (5,159,389 )
   Warrant revaluation $   -     2,070,359   $ 2,070,359  
    Six Months Ended June 30, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Cash Flows Data (unaudited)
(unaudited): 		                 
   Net loss $ (2,302,766 )   (38,011 ) $ (2,340,777 )
   Warrant revaluation $   -     38,011   $ 38,011  
    Nine Months Ended September 30, 2014  
    As Previously     Adjustment     As Restated  
    Reported              
                   
Consolidated Cash Flows Data (unaudited):                  
   Net loss $ (3,850,342 )   (1,213,051 ) $ (5,063,393 )
   Warrant revaluation $   -     1,213,051   $ 1,213,051  
    Nine Months Ended September 30, 2013  
                   
    As Previously     Adjustment     As Restated  
    Reported              
                   
Consolidated Cash Flows Data (unaudited):                  
   Net loss $ (3,622,046 )   (85,873 ) $ (3,707,919 )
   Warrant revaluation $   -     85,873   $ 85,873  
    Year Ended December 31, 2014  
    As Previously     Adjustment     As Restated  
Consolidated Cash Flows Data:                  
   Net loss $ (4,817,044 )   1,162,730   $ (3,654,314 )
   Warrant revaluation $ -     (1,162,730 ) $ (1,162,730 )
    Year Ended December 31, 2013  
    As Previously              
    Reported     Adjustment     As Restated  
                   
Consolidated Cash Flows Data:                  
   Net loss $ (4,864,961 )   277,796   $ (4,587,165 )
   Warrant revaluation $   -     (277,796 ) $ (277,796 )