Restatement of Financial Statements (Tables)
|
3 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
| Schedule of Outstanding Warrants, Restatement [Table Text Block] |
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
|
|
| |
|
|
|
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
|
|
| |
|
|
|
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
|
|
|
|
| Schedule of Consolidated Statement of Operations, Restated [Table Text Block] |
| |
|
Three Months Ended March 31, 2015
|
|
| |
|
As Previously Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
Consolidated Statement of Operations Data
(unaudited):
|
|
|
|
|
|
|
|
|
|
| Warrant revaluation |
$ |
-
|
|
|
1,197,986
|
|
$ |
1,197,986
|
|
| Income (loss) from operations before income taxes |
|
(1,080,324
|
) |
|
1,197,986
|
|
|
117,662
|
|
| Net income (loss) |
|
(1,080,324
|
) |
|
1,197,986
|
|
|
117,662
|
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per share, basic and diluted |
$ |
(0.06
|
) |
|
0.07
|
|
$ |
0.01
|
|
|
| |
|
Three Months Ended March 31, 2014
|
|
| |
|
As Previously Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
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
|
) |
|
| Schedule of Consolidated Balance Sheet, Restated [Table Text Block] |
| |
|
As of March 31, 2015
|
|
| |
|
As Previously Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|
Consolidated Balance Sheet Data (unaudited):
|
|
|
|
|
|
|
|
|
|
| Warrant liability |
$ |
-
|
|
|
3,435,326
|
|
$ |
3,435,326
|
|
| Total liabilities |
|
586,685
|
|
|
3,435,326
|
|
|
4,022,011
|
|
| Additional paid-in capital |
|
81,358,020
|
|
|
(10,474,875
|
) |
|
70,883,145
|
|
| Accumulated deficit |
|
(76,975,178
|
) |
|
7,039,549
|
|
|
(69,935,629
|
) |
| Total stockholders’ equity |
$ |
4,400,925
|
|
|
(3,435,326
|
) |
$ |
965,599
|
|
|
|
| Schedule of Consolidated Cash Flows, Restated [Table Text Block] |
| |
|
Three Months Ended March 31, 2015
|
|
| |
|
As Previously Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|
Consolidated Cash Flows Data (unaudited):
|
|
|
|
|
|
|
|
|
|
| Net income(loss) |
$ |
(1,080,324
|
) |
|
1,197,986
|
|
$ |
117,662
|
|
| Warrant revaluation |
$ |
-
|
|
|
(1,197,986
|
) |
$ |
(1,197,986
|
) |
|
| |
|
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
|
|
|