Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Accounting Policies [Abstract] |
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| 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:
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Balance as of December 31, 2016
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Level 1
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Level 2
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Level 3
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Liabilities:
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Warrant liability (note 10)
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$
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—
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—
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$
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—
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Balance as of December 31, 2015
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Level 1
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Level 2
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Level 3
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Liabilities:
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Warrant liability (note 10)
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$
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—
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—
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$
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709,504
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| 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:
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For the Year Ended December 31,
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2016
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2015
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Beginning balance
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$
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709,504
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$
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809,974
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Change in fair value of warrant liability
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(460,289
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)
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(85,325
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)
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Exercise and expiration of warrants
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—
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(15,145
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)
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Conversion of warrants
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(249,215
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)
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—
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Ending balance
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$
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—
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$
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709,504
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| Summary of Computation of Net Income or Loss Per Share |
The following table presents the computation of net income or loss per share:
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For the Year Ended December 31,
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2016
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2015
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2014
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Numerator:
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Net income (loss)
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$
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3,733,707
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$
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(270,342
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)
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$
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3,588,300
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Accretion of dividends on preferred stock
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(1,537,021
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)
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(2,444,954
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)
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(2,431,836
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)
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Net income (loss) attributable to common
stockholders - basic
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$
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2,196,686
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$
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(2,715,296
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)
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$
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1,156,464
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Accretion of dividends on preferred stock
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125,205
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—
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—
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Adjustment for change in fair value of warrant
liability
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(460,289
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)
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(85,325
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)
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(2,747,570
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)
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Net income (loss) attributable to common
stockholders - diluted
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$
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1,861,602
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$
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(2,800,621
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)
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$
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(1,591,106
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)
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Denominator:
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Weighted average common shares outstanding
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Basic
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3,373,316
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651,593
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555,805
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Diluted
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4,667,503
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651,593
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555,805
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Net income (loss) per share:
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Basic
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$
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0.65
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$
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(4.17
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)
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$
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2.08
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Diluted
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$
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0.40
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$
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(4.30
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)
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$
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(2.86
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)
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| 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):
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For the Year Ended December 31,
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2016
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2015
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2014
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Preferred redeemable convertible stock and preferred convertible stock, including
accumulated dividends
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2,406,894
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4,891,205
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4,653,197
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Employee stock options
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—
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756,692
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504,550
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Warrants outstanding
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51,003
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—
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—
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Series G preferred stock warrants outstanding
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—
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788,338
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809,972
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Total
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2,457,897
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6,436,235
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5,967,719
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