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] |
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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
|
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|
|
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As Previously
|
|
|
Adjustment
|
|
|
As Restated
|
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|
|
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
|
|
|
|
|
|
|
|
|
|
|
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|
|
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
|
) |
|