| Schedule of Effect of Revision on Financial Statements |
The effect of this revision on the line items within the Company’s consolidated balance sheets as of December 31, 2015 was as follows:
| |
|
December 31, 2015
|
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Deferred revenue
|
|
$
|
7,507,176
|
|
|
$
|
2,459,717
|
|
|
$
|
9,966,893
|
|
|
Total current liabilities
|
|
|
13,368,329
|
|
|
|
2,459,717
|
|
|
|
15,828,046
|
|
|
Total liabilities
|
|
|
18,782,659
|
|
|
|
2,459,717
|
|
|
|
21,242,376
|
|
|
Accumulated deficit
|
|
|
(40,890,017
|
)
|
|
|
(2,459,717
|
)
|
|
|
(43,349,734
|
)
|
|
Stockholders’ equity
|
|
$
|
22,645,157
|
|
|
$
|
(2,459,717
|
)
|
|
$
|
20,185,440
|
|
The effect of this revision on the line items within the Company’s consolidated statements of operations for the year ended December 31, 2015 was as follows:
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|
Year Ended
|
|
| |
|
December 31, 2015
|
|
| |
|
As previously
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Revenues
|
|
$
|
38,614,226
|
|
|
$
|
(432,625
|
)
|
|
$
|
38,181,601
|
|
|
Impairment expense
|
|
|
25,113,034
|
|
|
|
2,027,092
|
|
|
|
27,140,126
|
|
|
Loss from operations
|
|
|
(33,931,811
|
)
|
|
|
(2,459,717
|
)
|
|
|
(36,391,528
|
)
|
|
Net loss
|
|
$
|
(35,795,554
|
)
|
|
$
|
(2,459,717
|
)
|
|
$
|
(38,255,271
|
)
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted (as adjusted for the Reverse Stock
Split)
|
|
$
|
(20.56
|
)
|
|
$
|
(1.43
|
)
|
|
$
|
(21.99
|
)
|
The effect of this revision on the line items within the Company’s consolidated statements of cash flows for the year ended December 31, 2015 was as follows:
| |
|
Year Ended
|
|
| |
|
December 31, 2015
|
|
| |
|
As previously
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
|
Adjustment
|
|
|
As revised
|
|
|
Net loss
|
|
$
|
(35,795,554
|
)
|
|
$
|
(2,459,717
|
)
|
|
$
|
(38,255,271
|
)
|
|
Adjustments to reconcile net loss to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment expense
|
|
|
25,113,034
|
|
|
|
2,027,092
|
|
|
|
27,140,126
|
|
|
Changes in operating assets and liabilities: deferred revenue
|
|
|
(2,571,762
|
)
|
|
|
432,625
|
|
|
|
(2,139,137
|
)
|
|
Cash used in operating activities
|
|
$
|
(6,164,168
|
)
|
|
$
|
—
|
|
|
$
|
(6,164,168
|
)
|
|