Quarterly report pursuant to Section 13 or 15(d)

RESTATEMENT OF PRIOR FINANCIAL STATEMENTS (Tables)

v3.22.1
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