Annual report pursuant to Section 13 and 15(d)

Restatement To Previously Issued Condensed Consolidated Financial Statements

v3.7.0.1
Restatement To Previously Issued Condensed Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Restatement To Previously Issued Condensed Consolidated Financial Statements

13. Restatement to previously issued condensed consolidated financial statements

 

Subsequent to the issuance of the condensed consolidated financial statements as of September 30, 2016, and for the three and nine month periods then ended, the Company identified errors related to a failure to record a one-time, non-cash $3.8 million charge attributable to the deemed dividend related to the accretion of a discount on Series A convertible preferred stock upon conversion into the Company’s common stock, which occurred in July 2016. To correctly present the deemed dividend on Series A Preferred Stock, net loss attributable to common stockholders and per share net loss attributable to common stockholders, the Company’s previously issued condensed consolidated financial statements as of and for the three and nine month periods ended September 30, 2016 were restated in an amended Quarterly Report on Form 10-Q/A.

 

The impact of this change as of and for the three and nine month 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 		    As Restated  
Total comprehensive loss   $ (4,338 )   $ (4,338 )
Deemed dividend related to Series A convertible preferred stock     (2,499 )     (6,278 )
Net loss attributable to common stockholders   $ (6,837 )   $ (10,616 )
Basic and diluted net loss per common share   $ (0.30 )   $ (0.46 )
Shares used to compute basic and diluted net loss per common share     23,048,941       23,048,941  

 

    Nine months ended
September 30, 2016 		 
    As Previously
Reported 		    As Restated  
Total comprehensive loss   $ (12,790 )   $ (12,790 )
Deemed dividend related to Series A convertible preferred stock     (2,499 )     (6,278 )
Net loss attributable to common stockholders   $ (15,289 )   $ (19,068 )
Basic and diluted net loss per common share   $ (0.97 )   $ (1.21 )
Shares used to compute basic and diluted net loss per common share     15,711,429       15,711,429  

 

The above-mentioned corrections do not have an effect on consolidated total comprehensive loss, and the consolidated balance sheets or consolidated statements of cash flows, except for the non-cash financing activities presented on the consolidated statements of cash flows.