Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)

v3.3.0.814
Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 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 June 30, 2015  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data:                  
Warrant revaluation $   -   $ 460,265   $ 460,265  
Income (loss) from operations before income taxes   (1,481,621 )   460,265     (1,021,356 )
Net loss   (1,481,621 )   460,265     (1,021,356 )
Net loss per share, basic and diluted $ (0.08 ) $ 0.02   $ (0.06 )
    Three Months Ended June 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data:                  
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 )
    Six Months Ended June 30, 2015  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data:                  
Warrant revaluation $   -   $ 1,658,251   $ 1,658,251  
Loss from operations before income taxes   (2,560,593 )   1,658,251     (902,342 )
Net loss   (2,560,593 )   1,658,251     (902,342 )
Net loss per share, basic and diluted $ (0.14 ) $ 0.09   $ (0.05 )
    Six Months Ended June 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Statement of Operations Data:                  
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 )
 
Schedule of Consolidated Balance Sheet, Restated [Table Text Block]    
       
    As of June 30, 2015  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Balance Sheet Data:                  
Warrant liability $   -   $ 2,975,061   $ 2,975,061  
Total liabilities   452,571     2,975,061     3,427,632  
Additional paid-in capital   82,016,278     (10,474,875 )   71,541,403  
Accumulated deficit   (78,455,447 )   7,499,814     (70,955,633 )
Total stockholders’ equity $ 3,578,914   $ (2,975,061 ) $ 603,853  
 
    As of December 31, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
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  
Schedule of Consolidated Cash Flows, Restated [Table Text Block]    
    Six Months Ended June 30, 2015  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Cash Flows Data:                  
Net loss $ (2,560,593 ) $ 1,658,251   $ (902,342 )
Warrant revaluation $   -   $ (1,658,251 ) $ (1,658,251 )
    Six Months Ended June 30, 2014  
    As Previously              
    Reported     Adjustment     As Restated  
Consolidated Cash Flows Data:                  
Net loss $ (3,089,030 ) $ (2,070,359 ) $ (5,159,389 )
Warrant revaluation $   -   $ 2,070,359   $ 2,070,359