Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.6.0.2
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Summary of Recognized Liabilities Carried at Fair Value on Recurring Basis

The following table provides a summary of the recognized liabilities carried at fair value on a recurring basis:

 

 

 

Balance as of December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability (note 10)

 

$

 

 

 

 

 

$

 

 

 

 

Balance as of December 31, 2015

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability (note 10)

 

$

 

 

 

 

 

$

709,504

 

 

Rollforward of Level 3 Fair Value Measurements

The following table provides a rollforward of the Company’s Level 3 fair value measurements during the years ended December 31, 2016 and 2015:

 

 

 

For the Year Ended December 31,

 

 

 

2016

 

 

2015

 

Beginning balance

 

$

709,504

 

 

$

809,974

 

Change in fair value of warrant liability

 

 

(460,289

)

 

 

(85,325

)

Exercise and expiration of warrants

 

 

 

 

 

(15,145

)

Conversion of warrants

 

 

(249,215

)

 

 

 

Ending balance

 

$

 

 

$

709,504

 

 

Summary of Computation of Net Income or Loss Per Share

The following table presents the computation of net income or loss per share:

 

 

 

For the Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,733,707

 

 

$

(270,342

)

 

$

3,588,300

 

Accretion of dividends on preferred stock

 

 

(1,537,021

)

 

 

(2,444,954

)

 

 

(2,431,836

)

Net income (loss) attributable to common

   stockholders - basic

 

$

2,196,686

 

 

$

(2,715,296

)

 

$

1,156,464

 

Accretion of dividends on preferred stock

 

 

125,205

 

 

 

 

 

 

 

Adjustment for change in fair value of warrant

   liability

 

 

(460,289

)

 

 

(85,325

)

 

 

(2,747,570

)

Net income (loss) attributable to common

   stockholders - diluted

 

$

1,861,602

 

 

$

(2,800,621

)

 

$

(1,591,106

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

3,373,316

 

 

 

651,593

 

 

 

555,805

 

Diluted

 

 

4,667,503

 

 

 

651,593

 

 

 

555,805

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.65

 

 

$

(4.17

)

 

$

2.08

 

Diluted

 

$

0.40

 

 

$

(4.30

)

 

$

(2.86

)

 

Summary of Potentially Dilutive Securities

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):

 

 

For the Year Ended December 31,

 

 

2016

 

 

2015

 

 

2014

 

Preferred redeemable convertible stock and preferred convertible stock, including

   accumulated dividends

 

2,406,894

 

 

 

4,891,205

 

 

 

4,653,197

 

Employee stock options

 

 

 

 

756,692

 

 

 

504,550

 

Warrants outstanding

 

51,003

 

 

 

 

 

 

 

Series G preferred stock warrants outstanding

 

 

 

 

788,338

 

 

 

809,972

 

Total

 

2,457,897

 

 

 

6,436,235

 

 

 

5,967,719