RESTATEMENT OF PRIOR FINANCIAL STATEMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| RESTATEMENT OF PRIOR FINANCIAL STATEMENTS |
|
| Restatement on the condensed consolidated balance sheet |
|
|
As of September 30, 2021 |
|
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenue - Participation Agreements |
|
$ |
2,031,103 |
|
|
$ |
(2,031,103 |
) |
|
$ |
- |
|
Deferred R&D Obligations - Participation Agreements |
|
|
- |
|
|
|
1,681,004 |
|
|
|
1,681,004 |
|
Total Current Liabilities |
|
|
3,547,660 |
|
|
|
(350,099 |
) |
|
|
3,197,561 |
|
Total Liabilities |
|
|
3,551,060 |
|
|
|
(350,099 |
) |
|
|
3,200,961 |
|
| Accumulated deficit |
|
|
(105,062,742 |
) |
|
|
350,099 |
|
|
|
(104,712,643 |
) |
Total Stockholders' Equity (Deficit) |
|
|
7,420,530 |
|
|
|
350,099 |
|
|
|
7,770,629 |
|
|
| Restatement on the condensed consolidated operations |
|
|
For the Three Months Ended September 30, 2021 |
|
|
For the Nine Months Ended September 30, 2021 |
|
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and Development |
|
$ |
792,439 |
|
|
$ |
(350,099 |
) |
|
$ |
442,340 |
|
|
$ |
1,907,109 |
|
|
$ |
(350,099 |
) |
|
$ |
1,557,010 |
|
Total Costs and Expenses |
|
|
2,055,929 |
|
|
|
(350,099 |
) |
|
|
1,705,830 |
|
|
|
5,888,910 |
|
|
|
(350,099 |
) |
|
|
5,538,811 |
|
Loss from operations |
|
|
(2,055,929 |
) |
|
|
350,099 |
|
|
|
(1,705,830 |
) |
|
|
(5,888,910 |
) |
|
|
350,099 |
|
|
|
(5,538,811 |
) |
Net Loss |
|
|
(1,934,438 |
) |
|
|
350,099 |
|
|
|
(1,584,339 |
) |
|
|
(5,999,067 |
) |
|
|
350,099 |
|
|
|
(5,648,968 |
) |
Basic and diluted loss per share |
|
$ |
(0.21 |
) |
|
$ |
0.04 |
|
|
$ |
(0.17 |
) |
|
$ |
(0.86 |
) |
|
$ |
0.05 |
|
|
$ |
(0.81 |
) |
|
| Restatement on the condensed consolidated cashflows |
|
|
For the Nine Months Ended September 30, 2021 |
|
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(5,999,067 |
) |
|
$ |
350,099 |
|
|
$ |
(5,648,968 |
) |
Amortization of Deferred R&D obligation - participation agreements |
|
$ |
- |
|
|
$ |
(350,099 |
) |
|
$ |
(350,099 |
) |
Increase in deferred revenue – participation agreements |
|
|
85,303 |
|
|
|
(85,303 |
) |
|
|
- |
|
Advanced payments for R&D obligations – participation agreements |
|
|
- |
|
|
|
85,303 |
|
|
|
85,303 |
|
|