General form of registration statement for all companies including face-amount certificate companies

Restatement of Condensed Consolidated Balance Sheet and Related Statements of Operations and Cash Flows (Tables)

v3.8.0.1
Restatement of Condensed Consolidated Balance Sheet and Related Statements of Operations and Cash Flows (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Equity [Abstract]    
Schedule of Restatement

The impact of this change for the three and nine month periods ended September 30, 2017 is as follows (in thousands, except share and per share data):

 

    Three months ended September 30, 2017  
   

As Previously

Reported

     As Restated  
Total other income (expense), net   $ (259 )   $ 487  
Total net loss     (2,815 )     (2,069 )
Deemed dividend related to beneficial conversion feature and accretion of a discount on Series A Preferred Stock     -       -  
Net loss attributable to common stockholders   $ (2,815 )   $ (2,069 )
Net loss per share attributable to common stockholders: 
Basic and diluted 		  $ (0.93 )   $ (0.68 )
Weighted average common shares outstanding: 
Basic and diluted 		    3,022,073       3,022,073  
Common stock, $0.01 par value   $ 30     $ 30  
Additional paid-in capital     231,647       225,733  
Accumulated deficit     (220,206 )     (215,323 )
Total stockholders’ equity   $ 11,471     $ 10,440  
Derivative liabilities, current portion   $ -     $ 1,031  

 

    Nine months ended September 30, 2017  
   

As Previously

Reported

     As Restated  
Total other expense, net   $ (989 )   $ 1,797  
Total net loss     (7,070 )     (4,284 )
Deemed dividend related to beneficial conversion feature and accretion of a discount on Series A Preferred Stock     -       -  
Net loss attributable to common stockholders   $ (7,070 )   $ (4,284 )
Net loss per share attributable to common stockholders: 
Basic and diluted 		  $ (2,42 )   $ (1.47 )
Weighted average common shares outstanding: 
Basic and diluted 		    2,918,240       2,918,240  
Common stock, $0.01 par value   $ 30     $ 30  
Additional paid-in capital     231,647       225,733  
Accumulated deficit     (220,206 )     (215,323 )
Total stockholders’ equity   $ 11,471     $ 10,440  
Derivative liabilities, current portion   $ -     $ 1,031  

The impact of this change as of and for the three and nine months periods ended September 30, 2016 is as follows (in thousands, except share and per share data):

  

    Three months ended September 30, 2016  
    As Previously Reported     Restatement #1 - Accretion of a Discount     As Restated After Restatement #1     Restatement #2 - Warrant Liability     As Restated After Restatement #1 and #2  
Total other expense, net   $ (1,131 )   $ -     $ (1,131 )   $ (849 )   $ (1,980 )
Total net loss/comprehensive loss     (4,338 )     -       (4,338 )     (849 )     (5,187 )
Deemed dividend related to beneficial conversion feature and accretion of a discount a Series A Preferred Stock     (2,499 )     (3,779 )     (6,278 )     -       (6,278 )
Net loss attributable to common stockholders   $ (6,837 )   $ (3,779 )   $ (10,616 )   $ (849 )   $ (11,465 )
Net loss per share attributable to common stockholders: Basic and diluted   $ (3.56 )   $ (1.97 )   $ (5.53 )   $ (0.44 )   $ (5.97 )
Weighted average common shares outstanding: Basic and diluted     1,920,745       -       1,920,745       -       1,920,745  
                                         
Common stock, $0.01 par value   $ 22     $ -     $ 22             $ 22  
Additional paid-in capital     226,630       -       226,630       (4,973 )     221,657  
Accumulated deficit     (209,327 )     -       (209,327 )     (849 )     (210,176 )
Total stockholders' equity   $ 17,325     $ -     $ 17,325     $ (5,822 )   $ 11,503  
                                         
Derivative liabilities, current portion   $ -     $ -     $ -     $ 5,822     $ 5,822  

 

    Nine months ended September 30, 2016  
    As Previously Reported     Restatement #1 - Accretion of a Discount     As Restated After Restatement #1     Restatement #2 - Warrant Liability     As Restated After Restatement #1 and #2  
Total other expense, net   $ (4,598 )           $ (4,598 )   $ (849 )   $ (5,447 )
Total net loss/comprehensive loss     (12,790 )             (12,790 )     (849 )     (13,639 )
Deemed dividend related to beneficial conversion feature and accretion of a discount a Series A Preferred Stock     (2,499 )     (3,779 )     (6,278 )     -       (6,278 )
Net loss attributable to common stockholders   $ (15,289 )   $ (3,779 )   $ (19,068 )   $ (849 )   $ (19,917 )
Net loss per share attributable to common stockholders: Basic and diluted   $ (11.68 )   $ (2.88 )   $ (14.56 )   $ (0.65 )   $ (15.21 )
Weighted average common shares outstanding: Basic and diluted     1,309,286               1,309,286               1,309,286  
                                         
Common stock, $0.01 par value   $ 22     $ -     $ 22             $ 22  
Additional paid-in capital     226,630       -       226,630       (4,973 )     221,657  
Accumulated deficit     (209,327 )     -       (209,327 )     (849 )     (210,176 )
Total stockholders' equity   $ 17,325     $ -     $ 17,325     $ (5,822 )   $ 11,503  
                                         
Derivative liabilities, current portion   $ -     $ -     $ -     $ 5,822     $ 5,822  

 

The impact of this change as of and for the year ended December 31, 2016 is as follows (in thousands, except share and per share data):

 

    Year ended December 31, 2016  
    As Previously Reported     Restatement #2 - Warrant Liability     As Restated After Restatement #1 and #2  
Total other expense, net   $ (5,063 )   $ 1,835     $ (3,228 )
Total net loss/comprehensive loss     (16,598 )     1,835       (14,763 )
Deemed dividend related to beneficial conversion feature and accretion of a discount a Series A Preferred Stock     (6,278 )     -       (6,278 )
Net loss attributable to common stockholders   $ (22,876 )   $ 1,835     $ (21,041 )
Net loss per share attributable to common stockholders: Basic and diluted   $ (14.82 )   $ 1.19     $ (13.63 )
Weighted average common shares outstanding: Basic and diluted     1,543,735       -       1,543,735  
                         
Common stock, $0.01 par value   $ 22             $ 22  
Additional paid-in capital     227,486       (4,973 )     222,513  
Accumulated deficit     (213,135 )     1,835       (211,300 )
Total stockholders' equity   $ 14,373     $ (3,138 )   $ 11,235  
                         
Derivative liabilities, current portion   $ -     $ 3,137     $ 3,137