Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 14, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | This Amendment No. 1 on Form 10-Q/A (the “Form 10-Q/A”) to the Quarterly Report on Form 10-Q for TapImmune Inc. (“we” or the “Company”) for the quarterly period ended June 30, 2015, initially filed with the Securities and Exchange Commission (the “SEC”) on August 14, 2015 (the “Original Filing”), is being filed to restate accounting for the share purchase warrants and recording the fair value of the warrants under “Derivative liability- warrants” on its balance sheet with changes in the fair value over time reflected in the statements of operations as “Changes in fair value of derivative liabilities”. The restatement of the Company’s accounting for the share purchase warrants arose after a review by the Company’s management. As a result, the Board of Directors of the Company has determined that the Company’s previously issued consolidated unaudited financial statements and reports filed with the SEC for the quarterly period ended June 30, 2015 should not be relied upon. For a more detailed description of the effects of the restatement, see further discussion in Note 1A, “Amendment to Previously Reported Quarterly Financial Statements” to our consolidated financial statements included in Part I, Item 1 of this report. For the convenience of the reader, this Form 10-Q/A sets forth the Original Filings in their entirety. However, this Form 10-Q/A only amends and restates Items 1 and 2 of Part I of the Original Filing, in each case, solely as a result of, and to reflect, the restatement, and no other information in the Original Filing is amended hereby. The foregoing items have not been updated to reflect other events occurring after the Original Filings or to modify or update those disclosures affected by subsequent events. In addition, pursuant to the rules of the SEC, Item 6 of Part II of the Original Filings has been amended to contain currently dated certifications from the Company’s Chief Executive Officer and Chief Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, and are attached as Exhibits 31.1 and 32.1 to this report. We have also updated our financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. Except for the foregoing amended information, this Form 10-Q/A continues to speak as of the dates of the Original Filings, and the Company has not updated the disclosures contained herein to reflect events that occurred at a later date. Other events occurring after the filings of the Original Filings or other disclosures necessary to reflect subsequent events will be addressed in any reports filed with the SEC subsequent to the date of this filing. | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TPIV | |
Entity Registrant Name | TAPIMMUNE INC | |
Entity Central Index Key | 1,094,038 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 46,140,771 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets | ||||
Cash | $ 3,105,320 | $ 141,944 | $ 20,647 | $ 48,589 |
Prepaid expenses and deposits | 142,590 | 82,504 | ||
Total Current Assets | 3,247,910 | 224,448 | ||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 842,682 | 693,362 | ||
Research agreement obligations | 492,365 | 492,365 | ||
Derivative liability - warrants | 69,962,000 | 9,415 | ||
Promissory notes | 52,942 | 52,942 | ||
Total Current Liabilities | $ 71,349,989 | $ 1,248,084 | ||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Common stock, $0.001 par value, 500,000,000 shares authorized 38,038,921 shares issued and outstanding (2014 - 20,318,815) | $ 38,039 | $ 20,319 | ||
Additional paid-in capital | 92,218,937 | 85,265,776 | ||
Accumulated deficit | (160,359,055) | (86,309,731) | ||
Total Stockholders' Deficit | (68,102,079) | (1,023,636) | ||
Total LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,247,910 | $ 224,448 | ||
Series A | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Series B | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred stock par value | $ 0.001 | $ 0.001 |
Convertible preferred stock | $ 10,000,000 | $ 10,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares issued | 38,038,921 | 20,318,815 |
Common stock shares outstanding | 38,038,921 | 20,318,815 |
Series A | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares designated | 1,250,000 | 1,250,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Series B | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares designated | 1,500,000 | 1,500,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expenses: | ||||
General and administrative | $ 936,887 | $ 488,427 | $ 1,355,673 | $ 1,687,794 |
Research and development | 201,157 | 22,500 | 810,535 | 45,000 |
Loss from Operations | (1,138,044) | (510,927) | (2,166,208) | (1,732,794) |
Other Income (Expense) | ||||
Accretion of interest on convertible debt | 0 | (8,660) | 0 | (492,296) |
Changes in fair value of derivative liabilities | (59,079,025) | 352,834 | (58,751,585) | 14,537 |
Foreign exchange | 775 | 0 | 775 | 0 |
Gain (loss) on settlement of debt | 0 | 920,233 | 0 | (26,743,197) |
Net Income (Loss) for the Period | (60,216,294) | 753,480 | (60,917,018) | (28,953,750) |
Other comprehensive income (loss) | ||||
Foreign exchange translation adjustment | 0 | 1,042 | 0 | (207) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (60,216,294) | $ 754,522 | $ (60,917,018) | $ (28,953,957) |
Basic and Diluted Net Income (Loss) per Share | $ (1.80) | $ 0.05 | $ (1.99) | $ (2.57) |
Weighted Average Number of Common Shares Outstanding, basic and diluted | 33,525,656 | 15,523,016 | 30,584,794 | 11,250,240 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) AS RESTATED - 6 months ended Jun. 30, 2015 - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, Shares at Dec. 31, 2014 | 20,318,816 | |||
Balance Amount at Dec. 31, 2014 | $ (1,023,636) | $ 20,319 | $ 85,265,776 | $ (86,309,731) |
Private placement, Share | 12,319,995 | |||
Private placement, Amount | 2,326,014 | $ 12,320 | 2,313,694 | |
Fair value of warrants recognized as derivative liabilities in January and March 2015 Financing | (9,313,000) | (2,313,694) | (6,999,306) | |
Fair value of warrants issued on May 28, 2015 | (6,133,000) | (6,133,000) | ||
Exercise of warrants, Share | 5,000,000 | |||
Exercise of warrants, Amount | 2,500,000 | $ 5,000 | 2,495,000 | |
Reclassification of derivative warrant liabilities to equity at exercise date | 4,245,000 | 4,245,000 | ||
Finders' fee on exercise of warrants | (35,000) | (35,000) | ||
Stock- based compensation, Share | 400,110 | |||
Stock- based compensation, Amount | 248,561 | $ 400 | 248,161 | |
Net loss | (60,917,018) | (60,917,018) | ||
Balance Amount at Jun. 30, 2015 | $ (68,102,079) | $ 38,039 | $ 92,218,937 | $ (160,359,055) |
Balance, Shares at Jun. 30, 2015 | 38,038,921 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) AS RESTATED (Parenthetical) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Net of finders' fee | $ 140,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (60,917,018) | $ (28,953,750) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Changes in fair value of derivative liabilities | 58,751,585 | (14,537) |
Loss on extinguishment of debt | 26,743,197 | |
Non-cash interest and finance charges | 0 | 492,296 |
Stock based compensation | 248,561 | 799,075 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (60,086) | |
Accounts payable and accrued liabilities | 149,320 | 322,277 |
NET CASH USED IN OPERATING ACTIVITIES | (1,827,638) | (611,442) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of shares, net of issuance costs of $173,000 | 2,326,014 | 583,000 |
Proceeds from loans payable | 500 | |
Proceeds from exercise of warrants | 2,500,000 | |
Finders' fee on exercise of warrants | (35,000) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,791,014 | 583,500 |
INCREASE (DECREASE) IN CASH | 2,963,376 | (27,942) |
CASH, BEGINNING OF PERIOD | 141,944 | 48,589 |
CASH, END OF PERIOD | 3,105,320 | 20,647 |
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES | ||
Accounts payable settled in common stock | 231,000 | 683,000 |
Fair value of issuance of warrants in January and March 2015 financing | 9,313,000 | |
Issuance of additional warrants in May 28, 2015 transaction | 6,133,000 | |
Reclassification of derivative warrant liabilities to equity at exercise date | $ 4,245,000 | |
Conversion of debt obligations into common stock: | ||
Accrued interest | 476,000 | |
Convertible notes payable | 3,797,000 | |
Loans payable, related party | 42,000 | |
Promissory notes, related party | 210,000 | |
Due to related parties | 369,000 | |
Fair value derivative liability - conversion option at conversion | $ 708,000 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Statement of Cash Flows [Abstract] | |
Issuance costs | $ 173,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1: NATURE OF OPERATIONS TapImmune Inc. (the “Company”), a Nevada corporation incorporated in 1992, is a biotechnology Company focusing on immunotherapy specializing in the development of innovative peptide and gene-based immunotherapeutics and vaccines for the treatment of oncology and infectious disease. Unlike other vaccine technologies that narrowly address the initiation of an immune response, TapImmune’s approach broadly stimulates the cellular immune system by enhancing the function of killer T-cells and T-helper cells and by restoring antigen presentation in tumor cells allowing their recognition and killing by the immune system. |
AMENDMENT TO PREVIOUSLY REPORTE
AMENDMENT TO PREVIOUSLY REPORTED QUARTERLY FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
AMENDMENT TO PREVIOUSLY REPORTED QUARTERLY FINANCIAL STATEMENTS | NOTE 1A: AMENDMENT TO PREVIOUSLY REPORTED QUARTERLY FINANCIAL STATEMENTS The Company’s previously issued consolidated financial statements for the three and six months ended June 30, 2015 have been restated related to the Company’s accounting for share purchase warrants issued as part of two registered transactions in January 2015 and March 2015. Previously, the fair value of certain series of the share purchase warrants (Series B, B-1, C, C-1, D, D-1, E and E-1) was concluded by management to be classified within stockholders’ equity (deficit). The Company has reviewed the terms and conditions underlying its outstanding share purchase warrants and determined that the accounting for certain series of the warrants should be amended. Management reviewed ASC 480-10 Distinguishing liabilities from equity Contracts in an Entity’s Own Equity The Company has restated its accounting for certain series of the share purchase warrants and recorded the fair value of the warrants under “Derivative liability- warrants” on its balance sheet with changes in the fair value over time reflected in the statements of operations as “Changes in fair value of derivative liabilities”. As a result of these adjustments, net loss for the three and six months ended June 30, 2015 was increased by $41,771,000 and $41,490,000, respectively. The Company has reported an amended net loss of $60,216,000 versus the previously reported net loss of approximately $18,446,000 for the three months ended June 30, 2015 and an amended net loss of $60,917,000 versus the previously reported net loss of approximately $19,427,000 for the six months ended June 30, 2015. The following table summarizes the effect of the restatement on the consolidated statement of operations for the three and six months ended June 30, 2015: TAPIMMUNE INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2015 (Unaudited) As Adjustments As Restated ASSETS Current Assets Cash 3,105,320 — 3,105,320 Prepaid expenses and deposits 142,590 — 142,590 3,247,910 — 3,247,910 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable and accrued liabilities 842,682 — 842,682 Research agreement obligations 492,365 — 492,365 Derivative liability – warrants 11,673,347 58,288,653 69,962,000 Promissory notes 52,942 — 52,942 13,061,336 58,288,653 71,349,989 COMMITMENTS AND CONTINGENCIES Stockholders’ Equity (Deficit) Convertible preferred stock, $0.001 par value — 10,000,000 shares authorized: Series A, $0.001 par value, 1,250,000 shares designated, -0- shares issued and outstanding as of March 31, 2015 and December 31, 2014 — — — Series B, $0.001 par value, 1,500,000 shares designated, -0- shares issued and outstanding as of March 31, 2015 and December 31, 2014 — — — Common stock, $0.001 par value, 500,000,000 shares authorized 32,638,811 shares issued and outstanding (2014 – 20,318,815) 38,039 — 38,039 Additional paid-in capital 95,885,631 (3,666,694 ) 92,218,937 Accumulated deficit (105,737,096 ) (54,621,959 ) (160,359,055 ) (9,813,426 ) (58,288,653 ) (68,102,079 ) 3,247,910 — 3,247,910 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Operating expenses: General and administrative 936,887 — 936,887 Research and development 201,157 — 201,157 Loss from Operations (1,138,044 ) — (1,138,044 ) Other Income (Expense) Changes in fair value of derivative liabilities (9,052,372 ) (50,026,653 ) (59,079,025 ) Foreign exchange 775 — 775 Inducement expense (8,256,000 ) 8,256,000 - Net Loss for the Period (18,445,641 ) (41,770,653 ) (60,216,294 ) Other comprehensive income Foreign exchange translation adjustment — — — TOTAL COMPREHENSIVE LOSS (18,445,641 ) (41,770,653 ) (60,216,294 ) Basic and Diluted Net Loss per Share (0.55 ) (1.25 ) (1.80 ) Weighted Average Number of Common Shares Outstanding 33,525,656 33,525,656 33,525,656 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Six Months Ended June 30, 2015 As Previously Adjustments As Restated Operating expenses: General and administrative 1,355,673 — 1,355,673 Research and development 810,535 — 810,535 Loss from Operations (2,166,208 ) — (2,166,208 ) Other Income (Expense) Changes in fair value of derivative liabilities (9,005,932 ) (49,745,653 ) (58,751,585 ) Foreign exchange 775 — 775 Inducement expense (8,256,000 ) 8,256,000 — Net Loss for the Period (19,427,365 ) (41,489,653 ) (60,917,018 ) Other comprehensive income Foreign exchange translation adjustment — — — TOTAL COMPREHENSIVE LOSS (19,427,365 ) (41,489,653 ) (60,917,018 ) Basic and Diluted Net Loss per Share (0.64 ) (1.36 ) (1.99 ) Weighted Average Number of Common Shares Outstanding 30,584,794 30,584,794 30,584,794 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2015 As Previously Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss (19,427,365 ) (41,489,653 ) (60,917,018 ) Adjustments to reconcile net loss to net cash from operating activities: Changes in fair value of derivative liabilities 9,005,932 49,745,653 58,751,585 Inducement expense 8,256,000 (8,256,000 ) — Non-cash interest and finance charges — — — Stock based compensation 248,561 — 248,561 Changes in operating assets and liabilities: Prepaid expenses (60,086 ) — (60,086 ) Accounts payable and accrued liabilities 149,320 — 149,320 NET CASH USED IN OPERATING ACTIVITIES (1,827,638 ) — (1,827,638 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuance of shares, net of issuance costs of $173,000 2,291,014 35,000 2,326,014 Proceeds from exercise of warrants 2,500,000 2,500,000 Finders’ fee on exercise of warrants — (35,000 ) (35,000 ) NET CASH PROVIDED BY FINANCING ACTIVITIES 4,791,014 — 4,791,014 INCREASE IN CASH 2,963,376 — 2,963,376 CASH, BEGINNING OF PERIOD 141,944 — 141,944 CASH, END OF PERIOD 3,105,320 — 3,105,320 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 2: BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of June 30, 2015, condensed consolidated statements of interim financials include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the statement of operations are not necessarily indicative of results to be expected for the year ending December 31, 2015 or for any future interim period. The condensed balance sheet at December 31, 2014 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2014, and notes thereto included in the Company’s annual report on Form 10-K. |
LIQUIDITY AND FINANCIAL CONDITI
LIQUIDITY AND FINANCIAL CONDITION | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
LIQUIDITY AND FINANCIAL CONDITION | NOTE 3: LIQUIDITY AND FINANCIAL CONDITION The Company’s activities since inception have consisted principally of acquiring product and technology rights, raising capital, and performing research and development. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations are dependent on future events, including, among other things, its ability to access potential markets; secure financing, develop a customer base; attract, retain and motivate qualified personnel; and develop strategic alliances. From inception, the Company has been funded by a combination of equity and debt financings. The Company expects to continue to incur substantial losses over the next several years during its development phase. To fully execute its business plan, the Company will need to complete certain research and development activities and clinical studies. Further, the Company’s product candidates will require regulatory approval prior to commercialization. These activities may span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company. The Company plans to meet its capital requirements primarily through issuances of debt and equity securities and, in the longer term, revenue from product sales. As of June 30, 2015, the Company had cash and cash equivalents of approximately $3,105,000. Historically, the Company has net losses and negative cash flows from operations. The Company believes its current capital resources are not sufficient to support its operations. Management intends to continue its research efforts and to finance operations of the Company through debt and/or equity financings. Management plans to seek additional debt and/or equity financing through private or public offerings or through a business combination or strategic partnership. There can be no assurance that the Company will be successful in obtaining additional financing on favorable terms, or at all. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 4: SIGNIFICANT ACCOUNTING POLICIES There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K, which was filed with the SEC on April 15, 2015. Prior Period Reclassifications The expense categories of the comparable prior period have been reclassified for comparability with the June 30, 2015 presentation. These reclassifications had no effect on previously reported net loss. |
POTENTIALLY DILUTIVE SECURITIES
POTENTIALLY DILUTIVE SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
POTENTIALLY DILUTIVE SECURITIES | NOTE 5: POTENTIALLY DILUTIVE SECURITIES Options, warrants, and convertible debt outstanding were all considered anti-dilutive for the six months ended June 30, 2015 and 2014, due to net losses. The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive as of the periods presented: June 30, 2015 2014 Common stock options 465,000 65,000 Common stock warrants - equity treatment 2,556,000 185,000 Common stock warrants - liability treatment 81,834,000 49,000 Convertible notes — 7,000 Potentially dilutive securities 84,855,000 306,000 |
DERIVATIVE LIABILITY - WARRANTS
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION | NOTE 6: DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY – CONVERSION OPTION, AS RESTATED A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company’s common stock purchase warrants that are categorized within Level 3 of the fair value hierarchy for the six months ended 2015 and 2014 is as follows: Share Purchase Warrants Weighted Average Inputs for the Period Date of valuation For the Six For the Six Fair market value of stock $ 0.96 $ 0.02 Strike price $ 0.50 $ 5.84 Volatility (annual) 148.00 % 159.00 % Risk-free rate 1.1 % 1.08 % Contractual term (years) 3.2 3.58 Dividend yield (per share) 0 % 0 % The foregoing assumptions are reviewed quarterly and are subject to change based primarily on management’s assessment of the probability of the events described occurring. Accordingly, changes to these assessments could materially affect the valuations. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet under Derivative liability – warrants: As of June 30, 2015 Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total Derivative liability - warrants $ 69,962,000 — — $ 69,962,000 $ 69,962,000 Total $ 69,962,000 — — $ 69,962,000 $ 69,962,000 As of December 31, 2014 Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total Derivative liability - warrants $ 9,000 — — $ 9,000 $ 9,000 Total $ 9,000 — — $ 9,000 $ 9,000 There were no transfers between Level 1, 2 or 3 during the three months ended June 30, 2015. The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2015: Derivative liability – warrants Balance – December 31, 2014 $ 9,000 Additions during the period 15,446,000 Exercise of warrants (4,245,000 ) Change in fair value of warrant liability 58,752,000 Balance – June 30, 2015 $ 69,962,000 The valuation of warrants is subjective and is affected by changes in inputs to the valuation model including the price per share of common stock, the historical volatility of the stock price, risk-free rates based on U.S. Treasury security yields, the expected term of the warrants and dividend yield. Changes in these assumptions can materially affect the fair value estimate. The Company could ultimately incur amounts to settle the warrant at a cash settlement value that is significantly different than the carrying value of the liability on the financial statements. The Company will continue to classify the fair value of the warrants as a liability until the warrants are exercised, expire, or are amended in a way that would no longer require these warrants to be classified as a liability. Changes in the fair value of the common stock warrants liability are recognized as a component of other income (expense) in the Statements of Operations. During 2014 the Company entered into numerous extinguishment agreements with various holders. As a result the derivative liability associated with the bifurcated conversion options were extinguished at the date of conversion and recorded in the loss on extinguishment in the Statement of Operations. The inputs utilized in the final mark to market were as follows: Conversion Option Weighted Average Inputs for the Period Date of valuation For the Quarter For the Quarter Strike price $ — $ 1.03 Volatility (annual) — % 199.00 % Risk-free rate — % 0.05 % Contractual term (years) — 0.24 Dividend yield (per share) — % — % Fair value of Conversion Option at extinguishment $ — $ 708,000 |
PROMISSORY NOTE
PROMISSORY NOTE | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
PROMISSORY NOTE | NOTE 7: PROMISSORY NOTES, RELATED PARTY The Company has outstanding promissory notes in the amount of $52,942 (December 31, 2014 - $52,942), of which $23,000 of promissory notes are from an officer and a director of the Company. The promissory notes bear no interest charges and have no fixed repayment terms. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
CAPITAL STOCK | NOTE 8: CAPITAL STOCK, AS RESTATED 2015 Share Transactions Private placements In January, 2015, the Company entered into a Securities Purchase Agreement with certain investors for the sale of 7,320,000 units at a purchase price of $0.20 per unit, for a total purchase price of approximately $1,250,000, net of finders’ fee and offering expenses of approximately $214,000. Each unit consisting of (i) one share of the Company’s Common Stock, (ii) one Series A warrant to purchase one share of common stock, (iii) one Series B warrant to purchase one share of common stock (iv) one Series C warrant to purchase one share of common stock, (v) one Series D warrant to purchase one share of common stock, and (vi) one Series E warrant to purchase one share of common stock (the Series A, B, C, D and E warrants are hereby collectively referred to as the “January 2015 Warrants”). Series A warrants are exercisable at $1.50 per share, with a five year term. Series B warrants are exercisable at $0.40 per share, with a six month term. Series C warrants are exercisable at $1.00 per share, with a five year term. Series D warrants are exercisable at $0.75 per share only if and to the extent that the Series B warrants are exercised, with a five year term from the date that the Series B warrants are exercised. Series E warrants are exercisable at $1.25 per share, only if and to the extent that the Series C warrants are exercised, with a five year term from the date that the Series C warrants are exercised. Pursuant to a placement agent agreement, the Company agreed to issue warrants to purchase 366,000 common shares with substantially the same terms as the January 2015 Warrants. In March, 2015, the Company entered into a Securities Purchase Agreement with certain accredited investors for the sale of 5,000,000 units at a purchase price of $0.20 per unit, for a total purchase price of approximately $950,000, net of finders’ fee and offering expenses of approximately $50,000. Each unit consisting of (i) one share of the Company’s Common Stock, (ii) one Series A warrant to purchase one share of common stock, (iii) one Series B warrant to purchase one share of common stock (iv) one Series C warrant to purchase one share of common stock, (v) one Series D warrant to purchase one share of common stock, and (vi) one Series E warrant to purchase one share of common stock (the Series A, B, C, D and E warrants are hereby collectively referred to as the “March 2015 Warrants”). The March 2015 Warrants have substantially the same terms as the January 2015 Warrants. Pursuant to a placement agent agreement, the Company agreed to issue warrants to purchase 125,000 common shares with substantially the same terms as the March 2015 Warrants. Initial Fair Value of Warrants Issued Pursuant to ASC 480-10 Distinguishing liabilities from equity and ASC 815-40 Contracts in an Entity’s Own Equity, the common stock purchase warrants are classified as a derivative liability as the Company cannot control their ability to gross settle the financial instruments with registered securities. The fair value of the warrants issued pursuant to the January and March 2015 stock purchase agreement was $9,313,000. The weighted average inputs include contractual term of 5.0 years, volatility of 158% and risk free rate of 1.2%. May 2015 Restructuring agreement In May 2015, the Company entered into a restructuring agreement with the investors of the January 2015 and March 2015 private placements, where: • The exercise price of the Series A warrants was changed from $1.50 per warrant to $0.10 per warrant, • The exercise price of Series B warrants was changed from $0.40 per warrant to $0.20 per warrant, • Each warrant of Series B existing prior to the restructuring agreement was replaced with two warrants of such series, • The exercise price of the Series C warrants was changed from $1.00 per warrant to $0.50 per warrant, and • Each warrant of Series C existing prior to the restructuring agreement was replaced with two warrants of such series. As a result of the restructuring agreement, the Company issued an additional 12,320,000 Series B warrants and 12,320,000 Series C Warrants. The fair value of the warrants issued pursuant to the May 2015 restructuring agreement was $6,133,000. The weighted average inputs include contractual term of 2.46 years, volatility of 141% and risk free rate of 1.5%. Share Purchase Warrants During the six months ended June 30, 2015, a warrant holder exercised 5,000,000 of Series C warrants at $0.50 per warrant for a total of $2,500,000. A summary of the Company’s share purchase warrants as of June 30, 2015 and changes during the period is presented below: Number of Weighted Average Weighted Average Balance, December 31, 2014 2,659,417 1.83 4.15 Issued 86,730,975 0.54 3.25 Exercised (5,000,000 ) 0.50 — Extinguished or expired (7,500 ) 50.00 — Balance, June 30, 2015 84,382,892 $ 0.54 3.26 Stock Compensation Plan On October 14, 2009, the Company adopted the 2009 Stock Incentive Plan (the “2009 Plan”) which supersedes and replaces the 2007 Stock Plan. The 2009 Plan allows for the issuance of up to 10,000,000 common shares. Options granted under the Plan shall be at prices and for terms as determined by the Board of Directors. On February 10, 2015, the Company granted 250,000 stock options at an exercise price of $0.145 per share, of which, 33,333 vested on May 31, 2015 and the remaining vesting monthly over a nine month period, to a consultant of the Company. The term of the options is five years. The fair value of the new grant was estimated at $33,000, or $0.133 per option, using the Black-Scholes Option Pricing Model with a risk free interest rate of 1.52%, a dividend yield of 0%, volatility of 154.6%, and life of 5 years. The expensed portion of the value of these options during the six months ended June 30, 2015 was $7,635, which was recorded as stock based consultant compensation. On March 6, 2015, the Company granted 150,000 stock options at an exercise price of $0.20 per share, vesting monthly over a twenty four month period, to a director of the Company. The term of the options is five years. The fair value of the new grant was estimated at $29,000, or $0.194 per option, using the Black-Scholes Option Pricing Model with a risk free interest rate of 1.70%, a dividend yield of 0%, volatility of 155.2%, and life of 5 years. The expensed portion of the value of these options during the six months ended June 30, 2015 was $4,850, which was recorded as stock based management compensation. Share purchase options A summary of the Company’s stock options as of June 30, 2015 and changes during the period is presented below: Number of Weighted Average Weighted Average Balance, December 31, 2013 65,430 18.00 5.04 Issued — — — Cancelled/Forfeited — — — Balance, December 31, 2014 65,430 18.00 4.04 Number of Weighted Average Weighted Average Issued 400,000 0.17 4.64 Balance, June 30, 2015 465,430 $ 2.62 4.49 At June 30, 2015, the intrinsic value of the vested options was equal to $66,000 (2014 - $nil). A summary of the status of the Company’s unvested options as of June 30, 2015 is presented below: Number of Weighted Average Unvested, December 31, 2014 278 $ 18.00 Granted 400,000 0.16 Vested (82,685 ) 0.21 Cancelled — — Unvested, June 30, 2015 317,593 $ 0.16 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9: SUBSEQUENT EVENTS 1. Between July 16, 2015 and August 13, 2015, holders of the Series B warrant exercised 7,890,000 of the Series B Warrants registered under our recent registration statements on Form S-1 resulting in proceeds of $1,578,000 to the Company. 2. On July 21, 2015, the Company entered into a License and Assignment Agreement with the Mayo Foundation for Medical Education and Research (“Mayo Foundation”) pursuant to which we acquired certain intellectual property rights from the Mayo Foundation for the development and commercialization of certain products, methods and processes property relating to a folate receptor alpha immunotherapeutic vaccine comprised of a set of unique peptide epitopes targeting breast, lung and ovarian cancer. The Mayo Foundation granted us a license (with a right to sublicense) on a worldwide basis to make, sell and use products for therapeutic use against breast, ovarian, lung and other cancers that express folate receptor alpha. This license is an exclusive license for products that are based on the intellectual property and non-exclusive for products that are based on Mayo Foundation know–how and materials. The intellectual property that is being licensed includes (i) U.S. patent application numbers 12/303,054 and 13/202,236, (ii) U.S. patent number 8,486,412 and 8,858,952 and provisionals, (iii) divisionals including 13/917,410 and (iv) continuations including 14/484,057. 3. On July 31, 2015, the Company issued to its counsel 118,450 shares of common stock for legal services rendered through January 21, 2015. Such shares were authorized to be issued on January 23, 2015, but were not issued until July 31, 2015. 4. On August 10, 2015, the Company issued 50,000 shares of common stock as full settlement of a dispute with a marketing consultant that provided services to the Company in 2014 and 2015. |
SIGNIFICANT ACCOUNTING POLICI19
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Prior Period Reclassifications | Prior Period Reclassifications The expense categories of the comparable prior period have been reclassified for comparability with the June 30, 2015 presentation. These reclassifications had no effect on previously reported net loss. |
AMENDMENT TO PREVIOUSLY REPOR20
AMENDMENT TO PREVIOUSLY REPORTED QUARTERLY FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restatemnet of The Company's Consolidated Statements | The following table summarizes the effect of the restatement on the consolidated statement of operations for the three and six months ended June 30, 2015: TAPIMMUNE INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2015 (Unaudited) As Adjustments As Restated ASSETS Current Assets Cash 3,105,320 — 3,105,320 Prepaid expenses and deposits 142,590 — 142,590 3,247,910 — 3,247,910 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable and accrued liabilities 842,682 — 842,682 Research agreement obligations 492,365 — 492,365 Derivative liability – warrants 11,673,347 58,288,653 69,962,000 Promissory notes 52,942 — 52,942 13,061,336 58,288,653 71,349,989 COMMITMENTS AND CONTINGENCIES Stockholders’ Equity (Deficit) Convertible preferred stock, $0.001 par value — 10,000,000 shares authorized: Series A, $0.001 par value, 1,250,000 shares designated, -0- shares issued and outstanding as of March 31, 2015 and December 31, 2014 — — — Series B, $0.001 par value, 1,500,000 shares designated, -0- shares issued and outstanding as of March 31, 2015 and December 31, 2014 — — — Common stock, $0.001 par value, 500,000,000 shares authorized 32,638,811 shares issued and outstanding (2014 – 20,318,815) 38,039 — 38,039 Additional paid-in capital 95,885,631 (3,666,694 ) 92,218,937 Accumulated deficit (105,737,096 ) (54,621,959 ) (160,359,055 ) (9,813,426 ) (58,288,653 ) (68,102,079 ) 3,247,910 — 3,247,910 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Three Months Ended June 30, 2015 As Previously Adjustments As Restated Operating expenses: General and administrative 936,887 — 936,887 Research and development 201,157 — 201,157 Loss from Operations (1,138,044 ) — (1,138,044 ) Other Income (Expense) Changes in fair value of derivative liabilities (9,052,372 ) (50,026,653 ) (59,079,025 ) Foreign exchange 775 — 775 Inducement expense (8,256,000 ) 8,256,000 - Net Loss for the Period (18,445,641 ) (41,770,653 ) (60,216,294 ) Other comprehensive income Foreign exchange translation adjustment — — — TOTAL COMPREHENSIVE LOSS (18,445,641 ) (41,770,653 ) (60,216,294 ) Basic and Diluted Net Loss per Share (0.55 ) (1.25 ) (1.80 ) Weighted Average Number of Common Shares Outstanding 33,525,656 33,525,656 33,525,656 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Six Months Ended June 30, 2015 As Previously Adjustments As Restated Operating expenses: General and administrative 1,355,673 — 1,355,673 Research and development 810,535 — 810,535 Loss from Operations (2,166,208 ) — (2,166,208 ) Other Income (Expense) Changes in fair value of derivative liabilities (9,005,932 ) (49,745,653 ) (58,751,585 ) Foreign exchange 775 — 775 Inducement expense (8,256,000 ) 8,256,000 — Net Loss for the Period (19,427,365 ) (41,489,653 ) (60,917,018 ) Other comprehensive income Foreign exchange translation adjustment — — — TOTAL COMPREHENSIVE LOSS (19,427,365 ) (41,489,653 ) (60,917,018 ) Basic and Diluted Net Loss per Share (0.64 ) (1.36 ) (1.99 ) Weighted Average Number of Common Shares Outstanding 30,584,794 30,584,794 30,584,794 TAPIMMUNE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2015 As Previously Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss (19,427,365 ) (41,489,653 ) (60,917,018 ) Adjustments to reconcile net loss to net cash from operating activities: Changes in fair value of derivative liabilities 9,005,932 49,745,653 58,751,585 Inducement expense 8,256,000 (8,256,000 ) — Non-cash interest and finance charges — — — Stock based compensation 248,561 — 248,561 Changes in operating assets and liabilities: Prepaid expenses (60,086 ) — (60,086 ) Accounts payable and accrued liabilities 149,320 — 149,320 NET CASH USED IN OPERATING ACTIVITIES (1,827,638 ) — (1,827,638 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuance of shares, net of issuance costs of $173,000 2,291,014 35,000 2,326,014 Proceeds from exercise of warrants 2,500,000 2,500,000 Finders’ fee on exercise of warrants — (35,000 ) (35,000 ) NET CASH PROVIDED BY FINANCING ACTIVITIES 4,791,014 — 4,791,014 INCREASE IN CASH 2,963,376 — 2,963,376 CASH, BEGINNING OF PERIOD 141,944 — 141,944 CASH, END OF PERIOD 3,105,320 — 3,105,320 |
POTENTIALLY DILUTIVE SECURITI21
POTENTIALLY DILUTIVE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Securities not Included in Diluted Net Loss Per Share Calculation | The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive as of the periods presented: June 30, 2015 2014 Common stock options 465,000 65,000 Common stock warrants - equity treatment 2,556,000 185,000 Common stock warrants - liability treatment 81,834,000 49,000 Convertible notes — 7,000 Potentially dilutive securities 84,855,000 306,000 |
DERIVATIVE LIABILITY - WARRAN22
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Valuation methodology | Share Purchase Warrants Weighted Average Inputs for the Period Date of valuation For the Six For the Six Fair market value of stock $ 0.96 $ 0.02 Strike price $ 0.50 $ 5.84 Volatility (annual) 148.00 % 159.00 % Risk-free rate 1.1 % 1.08 % Contractual term (years) 3.2 3.58 Dividend yield (per share) 0 % 0 % |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet under Derivative liability – warrants: As of June 30, 2015 Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total Derivative liability - warrants $ 69,962,000 — — $ 69,962,000 $ 69,962,000 Total $ 69,962,000 — — $ 69,962,000 $ 69,962,000 As of December 31, 2014 Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total Derivative liability - warrants $ 9,000 — — $ 9,000 $ 9,000 Total $ 9,000 — — $ 9,000 $ 9,000 |
Measured at fair value | The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2015: Derivative liability – warrants Balance – December 31, 2014 $ 9,000 Additions during the period 15,446,000 Exercise of warrants (4,245,000 ) Change in fair value of warrant liability 58,752,000 Balance – June 30, 2015 $ 69,962,000 |
Numerous extinguishment agreements | The inputs utilized in the final mark to market were as follows: Conversion Option Weighted Average Inputs for the Period Date of valuation For the Quarter For the Quarter Strike price $ — $ 1.03 Volatility (annual) — % 199.00 % Risk-free rate — % 0.05 % Contractual term (years) — 0.24 Dividend yield (per share) — % — % Fair value of Conversion Option at extinguishment $ — $ 708,000 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Share Purchase Warrants | A summary of the Company’s share purchase warrants as of June 30, 2015 and changes during the period is presented below: Number of Weighted Average Weighted Average Balance, December 31, 2014 2,659,417 1.83 4.15 Issued 86,730,975 0.54 3.25 Exercised (5,000,000 ) 0.50 — Extinguished or expired (7,500 ) 50.00 — Balance, June 30, 2015 84,382,892 $ 0.54 3.26 |
Share purchase options | A summary of the Company’s stock options as of June 30, 2015 and changes during the period is presented below: Number of Weighted Average Weighted Average Balance, December 31, 2013 65,430 18.00 5.04 Issued — — — Cancelled/Forfeited — — — Balance, December 31, 2014 65,430 18.00 4.04 Number of Weighted Average Weighted Average Issued 400,000 0.17 4.64 Balance, June 30, 2015 465,430 $ 2.62 4.49 |
Share purchase options | A summary of the status of the Company’s unvested options as of June 30, 2015 is presented below: Number of Weighted Average Unvested, December 31, 2014 278 $ 18.00 Granted 400,000 0.16 Vested (82,685 ) 0.21 Cancelled — — Unvested, June 30, 2015 317,593 $ 0.16 |
Amendment to Previously Repor24
Amendment to Previously Reported Quarterly Financial Statements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net Loss for the Period | $ (60,216,294) | $ 753,480 | $ (60,917,018) | $ (28,953,750) |
As Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net Loss for the Period | (18,445,641) | (19,427,365) | ||
Adjustments [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net Loss for the Period | $ (41,770,653) | $ (41,489,653) |
Restatement of Condensed Consol
Restatement of Condensed Consolidated Balance Sheets (Unaudited) (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets | ||||
Cash | $ 3,105,320 | $ 141,944 | $ 20,647 | $ 48,589 |
Prepaid expenses and deposits | 142,590 | 82,504 | ||
Total Assets | 3,247,910 | 224,448 | ||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 842,682 | 693,362 | ||
Research agreement obligations | 492,365 | 492,365 | ||
Derivative liability - warrants | 69,962,000 | 9,415 | ||
Promissory notes | 52,942 | 52,942 | ||
Total Current Liabilities | $ 71,349,989 | $ 1,248,084 | ||
COMMITMENTS AND CONTINGENCIES | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Common stock, $0.001 par value, 500,000,000 shares authorized 32,638,811 shares issued and outstanding (2014 - 20,318,815) | $ 38,039 | $ 20,319 | ||
Additional paid-in capital | 92,218,937 | 85,265,776 | ||
Accumulated deficit | (160,359,055) | (86,309,731) | ||
Total Stockholders' Deficit | (68,102,079) | (1,023,636) | ||
Total LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,247,910 | $ 224,448 | ||
Series A | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Series B | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
As Previously Reported [Member] | ||||
Current Assets | ||||
Cash | $ 3,105,320 | $ 141,944 | ||
Prepaid expenses and deposits | 142,590 | |||
Total Assets | 3,247,910 | |||
Current Liabilities | ||||
Accounts payable and accrued liabilities | 842,682 | |||
Research agreement obligations | 492,365 | |||
Derivative liability - warrants | 11,673,347 | |||
Promissory notes | 52,942 | |||
Total Current Liabilities | $ 13,061,336 | |||
COMMITMENTS AND CONTINGENCIES | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Common stock, $0.001 par value, 500,000,000 shares authorized 32,638,811 shares issued and outstanding (2014 - 20,318,815) | $ 38,039 | |||
Additional paid-in capital | 95,885,631 | |||
Accumulated deficit | (105,737,096) | |||
Total Stockholders' Deficit | (9,813,426) | |||
Total LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,247,910 | |||
As Previously Reported [Member] | Series A | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
As Previously Reported [Member] | Series B | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Adjustments [Member] | ||||
Current Liabilities | ||||
Derivative liability - warrants | $ 58,288,653 | |||
Total Current Liabilities | $ 58,288,653 | |||
COMMITMENTS AND CONTINGENCIES | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Additional paid-in capital | $ (3,666,694) | |||
Accumulated deficit | (54,621,959) | |||
Total Stockholders' Deficit | $ (58,288,653) | |||
Adjustments [Member] | Series A | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: | ||||
Adjustments [Member] | Series B | ||||
Stockholders' Equity (Deficit) | ||||
Convertible preferred stock, $0.001 par value - 10,000,000 shares authorized: |
Restatement of Condensed Cons26
Restatement of Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (Detail) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares issued | 38,038,921 | 20,318,815 |
Common stock shares outstanding | 38,038,921 | 20,318,815 |
Series A | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Convertible preferred stock | 1,250,000 | 1,250,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Series B | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Convertible preferred stock | 1,500,000 | 1,500,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
As Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | |
Convertible preferred stock | 10,000,000 | |
Common stock par value | $ 0.001 | |
Common stock shares authorized | 500,000,000 | |
Common stock shares issued | 32,638,811 | |
Common stock shares outstanding | 32,638,811 | |
As Previously Reported [Member] | Series A | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | |
Preferred stock shares designated | 1,250,000 | |
Preferred stock issued | 0 | |
Preferred stock outstanding | 0 | |
As Previously Reported [Member] | Series B | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Preferred stock par value | $ 0.001 | |
Preferred stock shares designated | 1,500,000 | |
Preferred stock issued | 0 | |
Preferred stock outstanding | 0 |
Restatement of Condensed Cons27
Restatement of Condensed Consolidated statements of Operation and Comprehensive Loss (Unaudited) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expenses: | ||||
General and administrative | $ 936,887 | $ 488,427 | $ 1,355,673 | $ 1,687,794 |
Research and development | 201,157 | 22,500 | 810,535 | 45,000 |
Loss from Operations | (1,138,044) | (510,927) | (2,166,208) | (1,732,794) |
Other Income (Expense) | ||||
Changes in fair value of derivative liabilities | (59,079,025) | 352,834 | (58,751,585) | 14,537 |
Foreign exchange | 775 | 0 | 775 | 0 |
Net Income (Loss) for the Period | (60,216,294) | 753,480 | (60,917,018) | (28,953,750) |
Other comprehensive income | ||||
Foreign exchange translation adjustment | 0 | 1,042 | 0 | (207) |
TOTAL COMPREHENSIVE LOSS | $ (60,216,294) | $ 754,522 | $ (60,917,018) | $ (28,953,957) |
Basic and Diluted Net Loss per Share | $ (1.80) | $ 0.05 | $ (1.99) | $ (2.57) |
Weighted Average Number of Common Shares Outstanding | 33,525,656 | 15,523,016 | 30,584,794 | 11,250,240 |
As Previously Reported [Member] | ||||
Operating expenses: | ||||
General and administrative | $ 936,887 | $ 1,355,673 | ||
Research and development | 201,157 | 810,535 | ||
Loss from Operations | (1,138,044) | (2,166,208) | ||
Other Income (Expense) | ||||
Changes in fair value of derivative liabilities | (9,052,372) | (9,005,932) | ||
Foreign exchange | 775 | 775 | ||
Inducement expense | (8,256,000) | (8,256,000) | ||
Net Income (Loss) for the Period | (18,445,641) | (19,427,365) | ||
Other comprehensive income | ||||
Foreign exchange translation adjustment | 0 | 0 | ||
TOTAL COMPREHENSIVE LOSS | $ (18,445,641) | $ (19,427,365) | ||
Basic and Diluted Net Loss per Share | $ (0.55) | $ (0.64) | ||
Weighted Average Number of Common Shares Outstanding | 33,525,656 | 30,584,794 | ||
Adjustments [Member] | ||||
Other Income (Expense) | ||||
Changes in fair value of derivative liabilities | $ (50,026,653) | $ (49,745,653) | ||
Inducement expense | 8,256,000 | 8,256,000 | ||
Net Income (Loss) for the Period | (41,770,653) | (41,489,653) | ||
Other comprehensive income | ||||
Foreign exchange translation adjustment | 0 | 0 | ||
TOTAL COMPREHENSIVE LOSS | $ (41,770,653) | $ (41,489,653) | ||
Basic and Diluted Net Loss per Share | $ (1.25) | $ (1.36) | ||
Weighted Average Number of Common Shares Outstanding | 33,525,656 | 30,584,794 |
Restatement of Consolidated sta
Restatement of Consolidated statements of Cash Flows (Unaudited) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (60,216,294) | $ 753,480 | $ (60,917,018) | $ (28,953,750) |
Adjustments to reconcile net loss to net cash from operating activities: | ||||
Changes in fair value of derivative liabilities | 58,751,585 | (14,537) | ||
Non-cash interest and finance charges | 0 | 492,296 | ||
Stock based compensation | 248,561 | 799,075 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (60,086) | |||
Accounts payable and accrued liabilities | 149,320 | 322,277 | ||
NET CASH USED IN OPERATING ACTIVITIES | (1,827,638) | (611,442) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of shares, net of issuance costs of $173,000 | 2,326,014 | 583,000 | ||
Proceeds from exercise of warrants | 2,500,000 | |||
Finders' fee on exercise of warrants | (35,000) | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,791,014 | 583,500 | ||
INCREASE IN CASH | 2,963,376 | (27,942) | ||
CASH, BEGINNING OF PERIOD | 141,944 | 48,589 | ||
CASH, END OF PERIOD | 3,105,320 | $ 20,647 | 3,105,320 | $ 20,647 |
As Previously Reported [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | (18,445,641) | (19,427,365) | ||
Adjustments to reconcile net loss to net cash from operating activities: | ||||
Changes in fair value of derivative liabilities | 9,005,932 | |||
Inducement expense | 8,256,000 | |||
Non-cash interest and finance charges | 0 | |||
Stock based compensation | 248,561 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (60,086) | |||
Accounts payable and accrued liabilities | 149,320 | |||
NET CASH USED IN OPERATING ACTIVITIES | (1,827,638) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of shares, net of issuance costs of $173,000 | 2,291,014 | |||
Proceeds from exercise of warrants | 2,500,000 | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,791,014 | |||
INCREASE IN CASH | 2,963,376 | |||
CASH, BEGINNING OF PERIOD | 141,944 | |||
CASH, END OF PERIOD | 3,105,320 | 3,105,320 | ||
Adjustments [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (41,770,653) | (41,489,653) | ||
Adjustments to reconcile net loss to net cash from operating activities: | ||||
Changes in fair value of derivative liabilities | 49,745,653 | |||
Inducement expense | (8,256,000) | |||
Non-cash interest and finance charges | 0 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of shares, net of issuance costs of $173,000 | 35,000 | |||
Finders' fee on exercise of warrants | $ (35,000) |
Restatement of Consolidated s29
Restatement of Consolidated statements of Cash Flows (Unaudited) (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accounting Changes and Error Corrections [Abstract] | |
Issuance costs | $ 173,000 |
LIQUIDITY AND FINANCIAL CONDI30
LIQUIDITY AND FINANCIAL CONDITION (Narrative) (Detail) | Jun. 30, 2015USD ($) |
Liquidity And Financial Condition Details Narrtive | |
Cash and cash equivalents | $ 3,105,000 |
POTENTIALLY DILUTIVE SECURITI31
POTENTIALLY DILUTIVE SECURITIES - shares (Detail) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Potentially Dilutive Securities Details | ||
Common stock options | 465,000 | 65,000 |
Common stock warrants - equity treatment | 2,556,000 | 185,000 |
Common stock warrants - liability treatment | 81,834,000 | 49,000 |
Convertible notes | 7,000 | |
Potentially dilutive securities | 84,855,000 | 306,000 |
DERIVATIVE LIABILITY - WARRAN32
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Strike price | $ 1.03 | ||
Share Purchase Warrants[Member] | |||
Contractual Life (Years) | 3 years 2 months 12 days | 3 years 6 months 29 days | |
Risk free Rate | 1.10% | 1.08% | |
Dividend yield | 0.00% | 0.00% | |
Volatility | 148.00% | 159.00% | |
Strike price | $ 0.50 | $ 5.84 | |
Fair market value of stock | $ 0.96 | $ 0.02 |
DERIVATIVE LIABILITY - WARRAN33
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION(1) (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative liability - warrants | $ 69,962,000 | $ 9,000 |
Total | 69,962,000 | 9,000 |
Carrying Value [Member] | ||
Derivative liability - warrants | 69,962,000 | 9,000 |
Total | $ 69,962,000 | $ 9,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability - warrants | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability - warrants | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability - warrants | $ 69,962,000 | $ 9,000 |
Total | $ 69,962,000 | $ 9,000 |
DERIVATIVE LIABILITY - WARRAN34
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION(2) (Detail) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Notes to Financial Statements | |
Balance - December 31, 2014 | $ 9,000 |
Additions during the period | 15,446,000 |
Exercise of warrants | (4,245,000) |
Change in fair value of warrant liability | 58,752,000 |
Balance - June 30, 2015 | $ 69,962,000 |
DERIVATIVE LIABILITY - WARRAN35
DERIVATIVE LIABILITY - WARRANTS AND DERIVATIVE LIABILITY - CONVERSION OPTION(3) (Detail) - USD ($) | Mar. 06, 2015 | Feb. 10, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Notes to Financial Statements | ||||
Dividend yield (per share) | 0.00% | 0.00% | 0.00% | 0.00% |
Strike price | $ 1.03 | |||
Volatility (annual) | 199.00% | |||
Risk-free rate | 1.70% | 1.52% | 0.05% | |
Contractual term (years) | 2 months 27 days | |||
Fair value of Conversion Option at extinguishment | $ 708,000 |
PROMISSORY NOTES, RELATED PARTY
PROMISSORY NOTES, RELATED PARTY (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Notes to Financial Statements | ||
Outstanding promissory notes | $ 52,942 | |
Promissory notes officer and a director | $ 23,000 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | May. 31, 2015$ / sharesshares | Mar. 06, 2015USD ($)$ / sharesshares | Feb. 10, 2015USD ($)$ / sharesshares | May. 31, 2015Warrant$ / shares | Mar. 31, 2015USD ($)$ / Equityshares | Jan. 31, 2015USD ($)$ / shares$ / Equityshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014 | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($) | Oct. 14, 2009shares |
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Finders fee and issuance costs | $ | $ 35,000 | ||||||||||
Expected life of stock options | 5 years | 5 years | 4 years 1 month 24 days | ||||||||
Volatility rate of stock options | 155.20% | 154.60% | |||||||||
Risk free interest rate of stock options | 1.70% | 1.52% | 0.05% | ||||||||
Contractual term | 2 years 5 months 16 days | ||||||||||
Volatility | 141.00% | ||||||||||
Risk free Rate | 1.50% | ||||||||||
Stock options granted | 150,000 | 250,000 | |||||||||
Exercise price of stock options | $ / shares | $ 0.20 | $ 0.145 | |||||||||
Number of shares, vested | 33,333 | ||||||||||
Stock option vested term | May 31, 2015 | ||||||||||
Stock options remaining vesting period | 24 months | 9 months | |||||||||
Term of options | 5 years | 5 years | |||||||||
Estimated fair value of options granted | $ | $ 29,000 | $ 33,000 | |||||||||
Estimated fair value of options granted, per share | $ / shares | $ 0.194 | $ 0.133 | |||||||||
Dividend yield of stock options | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
Intrinsic value of vested options | $ | $ 66,000 | $ 0 | |||||||||
Consultant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Stock based compensation | $ | 7,635 | ||||||||||
Management Compensation [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Stock based compensation | $ | 4,850 | ||||||||||
Warrant | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Aggregate purchase price | $ | $ 9,313,000 | ||||||||||
Expected life of stock options | 5 years | ||||||||||
Volatility rate of stock options | 158.00% | ||||||||||
Risk free interest rate of stock options | 1.20% | ||||||||||
2014 Omnibus Stock Option Plan [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Options issued to acquire common shares | 10,000,000 | ||||||||||
Seriesa Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | $ 0.10 | $ 0.10 | |||||||||
Seriesa Warrant [Member] | As Previously Reported [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | 1.50 | 1.50 | |||||||||
Series B Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | 0.20 | 0.20 | |||||||||
Number of warrants issued | 12,320,000 | 12,320,000 | |||||||||
Series B Warrant [Member] | As Previously Reported [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | 0.40 | 0.40 | |||||||||
Series C Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | |||||||
Replacement of warrants | Warrant | 2 | ||||||||||
Number of warrants issued | 12,320,000 | 12,320,000 | |||||||||
Warrant exercised | 5,000,000 | ||||||||||
Warrant exercised, Value | $ | $ 2,500,000 | ||||||||||
Series C Warrant [Member] | As Previously Reported [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | $ 1 | $ 1 | |||||||||
Series B And C Warrants [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Fair value of warrants | $ | $ 6,133,000 | $ 6,133,000 | |||||||||
Private Placement [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Units issued | 5,000,000 | 7,320,000 | |||||||||
Sales price per unit | $ / Equity | 0.20 | 0.20 | |||||||||
Aggregate purchase price | $ | $ 950,000 | $ 1,250,000 | |||||||||
Finders fee and issuance costs | $ | $ 50,000 | $ 214,000 | |||||||||
Number of common stock included in equity unit | 1 | 1 | |||||||||
Private Placement [Member] | Seriesa Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Number of securities callable by each warrant or right warrants | 1 | 1 | |||||||||
Exercise price of warrants | $ / shares | $ 1.50 | ||||||||||
Warrant expiration period | 5 years | ||||||||||
Private Placement [Member] | Series B Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Number of securities callable by each warrant or right warrants | 1 | 1 | |||||||||
Exercise price of warrants | $ / shares | $ 0.40 | ||||||||||
Warrant expiration period | 6 months | ||||||||||
Private Placement [Member] | Series C Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Number of securities callable by each warrant or right warrants | 1 | 1 | |||||||||
Exercise price of warrants | $ / shares | $ 1 | ||||||||||
Warrant expiration period | 5 years | ||||||||||
Private Placement [Member] | Series D Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Number of securities callable by each warrant or right warrants | 1 | 1 | |||||||||
Exercise price of warrants | $ / shares | $ 0.75 | ||||||||||
Warrant expiration period | 5 years | ||||||||||
Private Placement [Member] | Series E Warrant [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Number of securities callable by each warrant or right warrants | 1 | 1 | |||||||||
Exercise price of warrants | $ / shares | $ 1.25 | ||||||||||
Warrant expiration period | 5 years | ||||||||||
Private Placement [Member] | Subsequent Warrant Issuance [Member] | |||||||||||
Common Stock Capital Shares Reserved For Future Issuance [Line Items] | |||||||||||
Class of warrant or right, number of securities called by warrants or rights | 125,000 | 366,000 |
CAPITAL STOCK(1) (Detail)
CAPITAL STOCK(1) (Detail) - $ / shares | Mar. 06, 2015 | Feb. 10, 2015 | Jun. 30, 2015 |
Number of Warrants | |||
Beginning balance | 2,659,417 | ||
Issued | shares | 86,730,975 | ||
Exercised | shares | (5,000,000) | ||
Extinguished or expired | shares | (7,500) | ||
Ending balance | 84,382,892 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price, beginning balance | $ 1.83 | ||
Issued | $ / shares | 0.54 | ||
Exercised | $ / shares | 0.50 | ||
Extinguished or expired | $ / shares | 50 | ||
Weighted average exercise price, ending balance | $ 0.54 | ||
Weighted Average Remaining Life | |||
Balance, December 31, 2014 | 5 years | 5 years | 4 years 1 month 24 days |
Issued | 3 years 3 months | ||
Balance, June 30, 2015 | 3 years 3 months 4 days |
CAPITAL STOCK(2) (Detail)
CAPITAL STOCK(2) (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Beginning balance | 2,659,417 | |||
Issued | 86,730,975 | |||
Ending balance | 84,382,892 | 2,659,417 | ||
Weighted average exercise price, beginning balance | $ 1.83 | |||
Issued | 0.54 | |||
Cancelled/Forfeited | $ 0.50 | |||
Weighted average exercise price, ending balance | $ 1.83 | |||
Weighted Average Remaining Life | 2 months 27 days | |||
Stock Options [Member] | ||||
Beginning balance | 65,430 | 65,430 | ||
Issued | 400,000 | |||
Cancelled/Forfeited | 0 | |||
Ending balance | 465,430 | 65,430 | 65,430 | |
Weighted average exercise price, beginning balance | $ 18 | $ 18 | ||
Issued | 0.17 | |||
Cancelled/Forfeited | ||||
Weighted average exercise price, ending balance | $ 2.62 | $ 18 | $ 18 | |
Issued | 4 years 7 months 21 days | |||
Weighted Average Remaining Life | 4 years 5 months 27 days | 4 years 15 days | 5 years 15 days |
CAPITAL STOCK(3) (Detail)
CAPITAL STOCK(3) (Detail) - $ / shares | May. 31, 2015 | Jun. 30, 2015 |
Granted | 86,730,975 | |
Vested | (33,333) | |
Unvested Options [Member] | ||
Unvested, December 31, 2014 | 278 | |
Granted | 400,000 | |
Vested | (82,685) | |
Cancelled | 0 | |
Unvested, June 30, 2015 | 317,593 | |
Weighted Average Grant-Date Fair Value | ||
Unvested, December 31, 2014 | $ / shares | $ 18 | |
Granted | $ / shares | 0.16 | |
Vested | $ / shares | 0.21 | |
Cancelled | $ / shares | 0 | |
Unvested, June 30, 2015 | $ / shares | $ 0.16 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Aug. 13, 2015 | Jun. 30, 2015 | Aug. 10, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||||
Proceeds from Warrant Exercises | $ 2,500,000 | ||||
Common Stock, Shares, Issued as full of a dispute | 38,038,921 | 20,318,815 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Shares, Issued as full of a dispute | 50,000 | 118,450 | |||
Subsequent Event [Member] | Series B Warrant [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of warrant exercised | 7,890,000 | ||||
Proceeds from Warrant Exercises | $ 1,578,000 |