Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 05, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | CEL SCI CORP | |
Entity Central Index Key | 0000725363 | |
Document Type | 10-Q/A | |
Document Period End Date | Dec. 31, 2019 | |
Amendment Flag | true | |
Amendment Description | This amended 10-Q is filed to correct the manner in which the Company accounted for the adoption of ASC 842. See Note I. Restatement, to the accompanying financial statements, for further information. | |
Current Fiscal Year End Date | --09-30 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | CO | |
Entity File Number | 001-11889 | |
Entity Common Stock, Shares Outstanding | 36,390,132 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,383,378 | $ 8,444,774 |
Receivables | 91,043 | 62,765 |
Prepaid expenses | 367,093 | 524,953 |
Supplies used for R&D and manufacturing | 905,875 | 782,363 |
Total current assets | 10,747,389 | 9,814,855 |
Finance lease right of use assets | 15,106,007 | 0 |
Operating lease right of use assets | 945,991 | 0 |
Plant, property and equipment, net | 2,712,577 | 15,825,636 |
Patent costs, net | 310,703 | 311,586 |
Deposits | 1,670,917 | 1,670,917 |
Total Assets | 31,493,584 | 27,622,994 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,438,685 | 1,586,478 |
Accrued expenses | 210,580 | 34,432 |
Due to employees | 785,962 | 709,442 |
Derivative instruments, current portion | 1,161,544 | 674,442 |
Lease liabilities, current portion | 964,088 | 0 |
Other current liabilities | 5,000 | 14,956 |
Total current liabilities | 4,565,859 | 3,019,750 |
Derivative instruments - net of current portion | 4,560,257 | 5,813,868 |
Finance lease obligations, net of current portion | 12,453,708 | 13,508,156 |
Operating lease obligations, net of current portion | 834,695 | 0 |
Other liabilities | 125,000 | 147,553 |
Total liabilities | 22,539,519 | 22,489,327 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value-200,000 shares authorized; -0- shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value - 600,000,000 shares authorized; 35,995,089 and 35,231,776 shares issued and outstanding at December 31, 2019 and September 30, 2019, respectively | 359,951 | 352,318 |
Additional paid-in capital | 365,705,533 | 358,507,603 |
Accumulated deficit | (357,111,419) | (353,726,254) |
Total stockholders' equity | 8,954,065 | 5,133,667 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 31,493,584 | $ 27,622,994 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Sep. 30, 2019 |
Stockholders Equity | ||
Preferred Stock Shares Par Value | $ 0.01 | $ 0.01 |
Preferred Stock Shares Authorized | 200,000 | 200,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock Shares Outstanding | 0 | 0 |
Common Stock Shares Par Value | $ 0.01 | $ 0.01 |
Common Stock Shares Authorized | 600,000,000 | 600,000,000 |
Common Stock Shares Issued | 35,995,089 | 35,231,776 |
Common Stock Shares Outstanding | 35,995,089 | 35,231,776 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Grant income | $ 35,506 | $ 126,414 |
Operating Expenses: | ||
Research and development | 4,252,813 | 3,471,714 |
General & administrative | 2,638,896 | 1,689,162 |
Total operating expenses | 6,891,709 | 5,160,876 |
Operating loss | (6,856,203) | (5,034,462) |
Other income | 18,448 | 17,911 |
Gain on derivative instruments | 766,509 | 5,556,306 |
Other non-operating gain | 790,669 | 1,152,176 |
Interest expense, net | (250,783) | (446,029) |
Net (loss) income available to common shareholders | $ (5,531,360) | $ 1,245,902 |
Net (loss) income per common share | ||
Basic | $ (0.16) | $ 0.04 |
Diluted | $ (0.16) | $ 0.02 |
Weighted average common shares outstanding | ||
Basic | 35,084,279 | 27,985,327 |
Diluted | 35,098,608 | 29,929,353 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Sep. 30, 2018 | 28,034,487 | |||
Beginning balance, amount at Sep. 30, 2018 | $ 280,346 | $ 331,312,184 | $ (331,591,614) | $ 916 |
Warrant exercises, shares | 298,682 | |||
Warrant exercises | $ 2,987 | 646,766 | 649,753 | |
Equity based compensation - employees | 573,660 | 573,660 | ||
401(k) contributions paid in common stock, shares | 12,279 | |||
401(k) contributions paid in common stock | $ 123 | 35,118 | 35,241 | |
Stock issued to nonemployees for service, shares | 62,784 | |||
Stock issued to nonemployees for service | $ 628 | 201,752 | 202,380 | |
Shares issued (returned) for settlement of clinical research costs, shares | (564,905) | |||
Shares issued (returned) for settlement of clinical research costs | $ (5,649) | 5,649 | 0 | |
Net income (loss) | 1,245,902 | 1,245,902 | ||
Ending balance, shares at Dec. 31, 2018 | 27,843,327 | |||
Ending balance, amount at Dec. 31, 2018 | $ 278,435 | 332,775,129 | (330,345,712) | 2,707,852 |
Beginning balance, shares at Sep. 30, 2019 | 35,231,776 | |||
Beginning balance, amount at Sep. 30, 2019 | $ 352,318 | 358,507,603 | (353,726,254) | 5,133,667 |
Adoption of new accounting standard - RESTATED | 2,146,195 | 2,146,195 | ||
Issuance of common stock, shares | 606,395 | |||
Issuance of common stock, amount | $ 6,064 | 5,043,939 | 5,050,003 | |
Warrant exercises, shares | 132,900 | |||
Warrant exercises | $ 1,329 | 295,772 | 297,101 | |
Equity based compensation - employees | 1,800,225 | 1,800,225 | ||
401(k) contributions paid in common stock, shares | 4,474 | |||
401(k) contributions paid in common stock | $ 45 | 40,892 | 40,937 | |
Stock issued to nonemployees for service, shares | 15,819 | |||
Stock issued to nonemployees for service | $ 158 | 84,289 | 84,447 | |
Purchase of stock by officers and directors, shares | 3,725 | |||
Purchase of stock by officers and directors | $ 37 | 24,963 | 25,000 | |
Stock issuance cost | (92,150) | (92,150) | ||
Net income (loss) | (5,531,360) | (5,531,360) | ||
Ending balance, shares at Dec. 31, 2019 | 35,995,089 | |||
Ending balance, amount at Dec. 31, 2019 | $ 359,951 | $ 365,705,533 | $ (357,111,419) | $ 8,954,065 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (5,531,360) | $ 1,245,902 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 502,540 | 154,821 |
Share-based payments for services | 155,740 | 238,904 |
Equity based compensation | 1,800,225 | 573,660 |
Common stock contributed to 401(k) plan | 40,937 | 35,241 |
Gain on derivative instruments | (766,509) | (5,556,306) |
Capitalized lease interest | 0 | 34,223 |
(Increase)/decrease in assets: | ||
Receivables | (28,278) | (10,105) |
Prepaid expenses | 86,567 | (105,685) |
Supplies used for R&D and manufacturing | (123,512) | (37,287) |
Increase/(decrease) in liabilities: | ||
Accounts payable | (393,064) | (734,770) |
Accrued expenses | 80,432 | (127,600) |
Due to employees | 76,520 | 131,892 |
Other liabilities | (1,914) | (369) |
Net cash used in operating activities | (4,101,676) | (4,157,479) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (101,820) | (6,132) |
Proceeds from sale of equipment | 4,500 | 0 |
Expenditures for patent costs | (12,390) | (66,131) |
Net cash used in investing activities | (109,710) | (72,263) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 5,050,003 | 0 |
Payments of stock issuance costs | (31,080) | (46,599) |
Proceeds from the purchase of stock by officers and directors | 25,000 | 0 |
Proceeds from exercise of warrants | 297,101 | 649,753 |
Payments on obligations under finance lease | (191,034) | (1,251) |
Net cash provided by financing activities | 5,149,990 | 601,903 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 938,604 | (3,627,839) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,444,774 | 10,310,044 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 9,383,378 | 6,682,205 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment included in current liabilities | 296,941 | 0 |
Finance lease obligation included in accounts payable | 745 | 421 |
Prepaid consulting services paid with issuance of common stock | (71,293) | (36,524) |
Financing costs included in current liabilities | 76,650 | 0 |
Cash paid for interest expense | $ 295,107 | $ 448,486 |
A. BASIS OF PRESENTATION AND SU
A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying condensed financial statements of CEL-SCI Corporation (the Company) are unaudited and certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. While management of the Company believes that the disclosures presented are adequate to make the information presented not misleading, these interim condensed financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10-K/A for the year ended September 30, 2019. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary for a fair presentation of the Company’s financial position as of December 31, 2019 and the results of its operations for the three months then ended. The condensed balance sheet as of September 30, 2019 is derived from the September 30, 2019 audited financial statements. On October 1, 2019, the Company adopted Accounting Standards Update (ASU) No. 2016-02 “Leases (Topic 842)” using the modified retrospective transition approach. In accordance with this adoption method, results for the reporting period ended December 31, 2019 are presented under the new standard, while prior period results continue to be reported under the previous standard. All other significant accounting policies have been consistently applied in the interim financial statements and the annual financial statements. The results of operations for the three months ended December 31, 2019 and 2018 are not necessarily indicative of the results to be expected for the entire year. The financial statements have been prepared assuming that the Company will continue as a going concern, but due to recurring losses from operations and future liquidity needs, there is 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 this uncertainty. Refer to discussion in Note B. Summary of Significant Accounting Policies: Research and Office Equipment and Leasehold Improvements Patents Research and Development Costs Income Taxes Derivative Instruments Stock-Based Compensation Equity instruments issued to non-employees are accounted for in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees.” Accordingly, compensation is recognized when goods or services are received and is measured using the Black-Scholes valuation model. The Black-Scholes model requires various judgmental assumptions regarding the fair value of the equity instruments at the measurement date and the expected life of the options. The Company has Incentive Stock Option Plans, Non-Qualified Stock Option Plans, a Stock Compensation Plan, Stock Bonus Plans and an Incentive Stock Bonus Plan. In some cases, these Plans are collectively referred to as the "Plans". All Plans have been approved by the stockholders. The Company’s stock options are not transferable, and the actual value of the stock options that an employee may realize, if any, will depend on the excess of the market price on the date of exercise over the exercise price. The Company has based its assumption for stock price volatility on the variance of daily closing prices of the Company’s stock. The risk-free interest rate assumption was based on the U.S. Treasury rate at date of the grant with term equal to the expected life of the option. Forfeitures are accounted for when they occur. The expected term of options represents the period that options granted are expected to be outstanding and has been determined based on an analysis of historical exercise behavior. If any of the assumptions used in the Black-Scholes model change significantly, stock-based compensation expense for new awards may differ materially in the future from that recorded in the current period. Vesting of restricted stock granted under the Incentive Stock Bonus Plan is subject to service, performance and market conditions and meets the classification of equity awards. These awards were measured at market value on the grant-dates for issuances where the attainment of performance criteria is likely and at fair value on the grant-dates, using a Monte Carlo simulation for issuances where the attainment of performance criteria is uncertain. The total compensation cost will be expensed over the estimated requisite service period. Newly Adopted Accounting Pronouncements Effective October 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-07, Compensation—Stock Compensation (Topic 718 New Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement - Disclosure Framework (Topic )” The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements. |
B. OPERATIONS AND FINANCING
B. OPERATIONS AND FINANCING | 3 Months Ended |
Dec. 31, 2019 | |
B. Operations And Financing | |
B. OPERATIONS AND FINANCING | The Company has incurred significant costs since its inception for the acquisition of certain patented and unpatented proprietary technology and know-how relating to the human immunological defense system, patent applications, research and development, administrative costs, construction of laboratory facilities, and clinical trials. The Company has funded such costs with proceeds from loans and the public and private sale of its common stock. The Company will be required to raise additional capital or find additional long-term financing to continue with its research efforts. The ability to raise capital may be dependent upon market conditions that are outside the control of the Company. The ability of the Company to complete the necessary clinical trials and obtain FDA approval for the sale of products to be developed on a commercial basis is uncertain. Ultimately, the Company must complete the development of its products, obtain the appropriate regulatory approvals and obtain sufficient revenues to support its cost structure. The Company is taking cost-cutting initiatives, as well as exploring other sources of funding, to finance operations over the next 12 months. The Company believes there is a high likelihood that it will continue to receive funds from private and public offerings and warrant conversions similar to the way it has substantially funded operations for the past 12 months. However, there can be no assurance that the Company will be able to raise sufficient capital to support its operations. The Company is currently in the final stages of its large multi-national Phase 3 clinical trial for head and neck cancer with its partners TEVA Pharmaceuticals and Orient Europharma. To finance the study beyond the next twelve months, the Company plans to raise additional capital in the form of corporate partnerships, warrant exercises, debt issuances and/or equity financings. The Company believes that it will be able to obtain additional financing because it has done so consistently in the past and because Multikine is a product in the Phase 3 clinical trial stage. However, there can be no assurance that the Company will be successful in raising additional funds on a timely basis or that the funds will be available to the Company on acceptable terms or at all. If the Company does not raise the necessary amounts of money, it may have to curtail its operations until it can raise the required funding. The financial statements have been prepared assuming the Company will continue as a going concern, but due to the Company’s recurring losses from operations and future liquidity needs, there is 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 this uncertainty. Since the Company launched its Phase 3 clinical trial for Multikine, the Company has incurred expenses of approximately $57.0 million as of December 31, 2019 on direct costs for the Phase 3 clinical trial. The Company estimates it will incur additional expenses of approximately $3.3 million for the remainder of the Phase 3 clinical trial. This estimate is based only on the information currently available in the Company’s contracts with the Clinical Research Organizations responsible for managing the Phase 3 clinical trial and does not include other related costs, e.g., the manufacturing of the drug. This number may be affected by the rate of death accumulation in the study, foreign currency exchange rates, and many other factors, some of which cannot be foreseen today. It is therefore possible that the cost of the Phase 3 clinical trial will be higher than currently estimated. Nine hundred twenty-eight (928) head and neck cancer patients have been enrolled and have completed treatment in the Phase 3 study. The study end point is a 10% increase in overall survival of patients between the two main comparator groups in favor of the group receiving the Multikine treatment regimen. The determination if the study end point is met will occur when there are a total of 298 deaths in those two groups. |
C. STOCKHOLDERS EQUITY
C. STOCKHOLDERS EQUITY | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
C. STOCKHOLDERS' EQUITY | Proceeds from the Sale of Common Stock In December 2019, the Company sold 606,395 shares of common stock at a public offering price of $9.07 per share and received aggregate proceeds of approximately $5.0 million. Equity Compensation Underlying share information for equity compensation plans as of December 31, 2019 is as follows: Name of Plan Total Shares Reserved Under Plans Shares Reserved for Outstanding Options Shares Issued Remaining Options/Shares Under Plans Incentive Stock Options Plans 138,400 89,895 N/A 213 Non-Qualified Stock Option Plans 6,387,200 6,129,285 N/A 111,170 Stock Bonus Plans 783,760 N/A 335,700 448,027 Stock Compensation Plan 634,000 N/A 133,908 481,682 Incentive Stock Bonus Plan 640,000 N/A 616,500 23,500 Underlying share information for equity compensation plans as of September 30, 2019 is as follows: Name of Plan Total Shares Reserved Under Plans Shares Reserved for Outstanding Options Shares Issued Remaining Options/Shares Under Plans Incentive Stock Option Plans 138,400 89,895 N/A 213 Non-Qualified Stock Option Plans 6,387,200 6,128,321 N/A 112,166 Stock Bonus Plans 783,760 N/A 331,226 452,501 Stock Compensation Plan 634,000 N/A 130,183 485,407 Incentive Stock Bonus Plan 640,000 N/A 616,500 23,500 Stock option activity Three Months Ended December 31, 2019 2018 Options granted 1,000 500 Options expired 36 2,400 Stock-Based Compensation Expense Three months Ended December 31, 2019 2018 Employees $ 1,800,225 $ 573,660 Non-employees $ 155,740 $ 238,904 Employee compensation expense includes the expense related to options issued or vested and restricted stock granted. Non-employee expense includes the expense related to options and stock issued to consultants expensed over the period of their service contracts. Warrants and Non-Employee Options The following chart represents the warrants and non-employee options outstanding at December 31, 2019: Warrant/Options Issue Date Shares Issuable upon Exercise of Warrants/ Options Exercise Price Expiration Date Reference Series N 8/18/2008 85,339 $ 3.00 2/18/2020 * Series V 5/28/2015 810,127 $ 19.75 5/28/2020 * Series UU 6/11/2018 154,810 $ 2.80 6/11/2020 * Series W 10/28/2015 688,930 $ 16.75 10/28/2020 * Series X 1/13/2016 120,000 $ 9.25 1/13/2021 * Series Y 2/15/2016 26,000 $ 12.00 2/15/2021 * Series ZZ 5/23/2016 20,000 $ 13.75 5/18/2021 * Series BB 8/26/2016 16,000 $ 13.75 8/22/2021 * Series Z 5/23/2016 264,000 $ 13.75 11/23/2021 * Series FF 12/8/2016 68,048 $ 3.91 12/1/2021 * Series CC 12/8/2016 277,463 $ 5.00 12/8/2021 * Series HH 2/23/2017 6,500 $ 3.13 2/16/2022 * Series AA 8/26/2016 200,000 $ 13.75 2/22/2022 * Series JJ 3/14/2017 9,450 $ 3.13 3/8/2022 * Series LL 4/30/2017 26,398 $ 3.59 4/30/2022 * Series MM 6/22/2017 893,491 $ 1.86 6/22/2022 * Series NN 7/24/2017 473,798 $ 2.52 7/24/2022 * Series OO 7/31/2017 40,000 $ 2.52 7/31/2022 * Series RR 10/30/2017 457,116 $ 1.65 10/30/2022 * Series SS 12/19/2017 460,012 $ 2.09 12/18/2022 2 Series TT 2/5/2018 459,421 $ 2.24 2/5/2023 2 Series VV 7/2/2018 82,500 $ 1.75 1/2/2024 * Consultants 7/28/17 10,000 $ 2.18 7/27/2027 3 * No current period changes to these warrants 1. Derivative Liabilities The table below presents the fair value of the warrant liabilities at the balance sheet dates: December 31, 2019 September 30, 2019 Series V warrants $ 119,411 $ 674,442 Series W warrants 1,042,133 1,193,507 Series Z warrants 1,098,996 1,109,545 Series ZZ warrants 62,791 77,638 Series AA warrants 851,930 916,908 Series BB warrants 64,397 63,966 Series CC warrants 1,733,579 1,710,898 Series FF warrants 453,374 446,185 Series HH warrants 45,739 45,657 Series JJ warrants 66,729 66,599 Series LL warrants 182,722 182,965 Total warrant liabilities $ 5,721,801 $ 6,488,310 The table below presents the gains and (losses) on the warrant liabilities for the three months ended December 31: 2019 2018 Series S warrants $ - $ 33 Series V warrants 555,031 556,332 Series W warrants 151,374 626,850 Series Z warrants 10,549 204,121 Series ZZ warrants 14,847 14,323 Series AA warrants 64,978 157,219 Series BB warrants (431 ) 12,110 Series CC warrants (22,681 ) 665,606 Series DD warrants - 1,249,287 Series EE warrants - 1,249,287 Series FF warrants (7,189 ) 69,062 Series GG warrants - 212,782 Series HH warrants (82 ) 20,951 Series II warrants - 230,589 Series JJ warrants (130 ) 31,462 Series KK warrants - 228,095 Series LL warrants 243 28,197 Net gain on warrant liabilities $ 766,509 $ 5,556,306 The Company reviews all outstanding warrants in accordance with the requirements of ASC 815. This topic provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions. The warrant agreements provide for adjustments to the exercise price for certain dilutive events. Under the provisions of ASC 815, the warrants are not considered indexed to the Company’s stock because future equity offerings or sales of the Company’s stock are not an input to the fair value of a “fixed-for-fixed” option on equity shares, and equity classification is therefore precluded. In accordance with ASC 815, derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration. Any change in fair value between the respective reporting dates is recognized as a gain or loss. Changes in Warrant Liabilities On December 10, 2018, 1,360,960 Series DD and 1,360,960 Series EE warrants, with an exercise price of $4.50 expired. On October 11, 2018, 327,729 Series S warrants, with an exercise price of $31.25 expired. 2. Changes in Equity Warrants Exercise of Equity Warrants The following warrants recorded as equity were exercised during the three months ended December 31, 2019. Warrants Warrants Exercised Exercise Price Proceeds Series OO 10,000 $ 2.52 $ 25,200 Series SS 22,632 $ 2.09 47,301 Series TT 100,628 $ 2.24 224,600 132,900 $ 297,101 The following warrants recorded as equity were exercised during the three months ended December 31, 2018 Warrants Warrants Exercised Exercise Price Proceeds Series PP 60,000 $ 2.30 $ 138,000 Series SS 152,632 $ 2.09 319,001 Series TT 86,050 $ 2.24 192,752 298,682 $ 649,753 3. Options and Shares Issued to Consultants During the three months ended December 31, 2019 and 2018, respectively, the Company issued 15,819 and 62,784 shares of restricted common stock to consultants for services. The weighted average grant date fair value of the shares issued to consultants was $7.18 and $3.22 during the three months ended December 31, 2019 and 2018, respectively. The aggregate values of the issuances of restricted common stock and common stock options are recorded as prepaid expenses and are charged to general and administrative expenses over the periods of service. During the three months ended December 31, 2019 and 2018, the Company recorded total expense of approximately $156,000 and $239,000, respectively, relating to these consulting agreements. At December 31, 2019 and September 30, 2019, approximately $159,000 and $230,000, respectively, are included in prepaid expenses. During the three months ended December 31, 2019 and 2018, 0 and 2,400 options, respectively, expired that were issued to consultants as payment for services rendered. As of December 31, 2019, 10,000 options issued to consultants remained outstanding, all of which were issued from the Non-Qualified Stock Option plans and are fully vested. 4. Securities Purchase Agreement The Company entered into a Securities Purchase Agreement with Ergomed plc, one of the Company’s Clinical Research Organizations responsible for managing the Company’s Phase 3 clinical trial, to facilitate a partial payment of amounts due Ergomed. Under the Agreement, the Company issued Ergomed shares of common stock that the net proceeds from the sales of those shares would reduce outstanding amounts due Ergomed. Upon issuance, the Company expenses the full value of the shares as Other non-operating gain/loss and subsequently offsets the expense as amounts are realized through the sale by Ergomed and reduces accounts payable to Ergomed. During the quarters ended December 31, 2019 and 2018, respectively, the Company realized approximately $0.8 million and $1.2 million through the sale by Ergomed of 98,350 and 353,995 shares of the Company’s common stock and the Company reduced the payables to Ergomed and credited Other Operating Gain by those amounts. No shares were issued to Ergomed during the quarters ended December 31, 2019 and 2018. On December 31, 2018, the expiration date of the prior agreement, Ergomed returned 564,905 unsold shares for cancellation. As of December 31, 2019, Ergomed held 99,650 shares for resale. |
D. FAIR VALUE MEASUREMENTS
D. FAIR VALUE MEASUREMENTS | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
D. FAIR VALUE MEASUREMENTS | In accordance with ASC 820-10, “Fair Value Measurements,” ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to active markets for identical assets and liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company classifies fair value balances based on the observability of those inputs. The three levels of the fair value hierarchy are as follows: ● Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities ● Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and amounts derived from valuation models where all significant inputs are observable in active markets ● Level 3 – Unobservable inputs that reflect management’s assumptions For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. The table below sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the condensed balance sheet at December 31, 2019: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Derivative instruments $ - $ - $ 5,721,801 $ 5,721,801 The table below sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the condensed balance sheet at September 30, 2019: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Derivative instruments $ - $ - $ 6,488,310 $ 6,488,310 The following sets forth the reconciliation of beginning and ending balances related to fair value measurements using significant unobservable inputs (Level 3) for the three months ended December 31, 2019 and the year ended September 30, 2019: 3 months ended 12 months ended December 31, 2019 September 30, 2019 Beginning balance $ 6,488,310 $ 9,317,031 Issuances - - Exercises - (3,589,357 ) Realized and unrealized (gains) and losses (766,509 ) 760,636 Ending balance $ 5,721,801 $ 6,488,310 The fair values of the Company’s derivative instruments disclosed above under Level 3 are primarily derived from valuation models where significant inputs such as historical price and volatility of the Company’s stock, as well as U.S. Treasury Bill rates, are observable in active markets. |
E. RELATED PARTY TRANSACTIONS
E. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
E. RELATED PARTY TRANSACTIONS | During the quarter ended December 31, 2019, the Company’s CEO purchased 3,725 shares of restricted common stock at an aggregate fair market value of $25,000. |
F. COMMITMENTS AND CONTINGENCIE
F. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
F. COMMITMENTS AND CONTINGENCIES | Clinical Research Agreements Under co-development and revenue sharing agreements with Ergomed, Ergomed agreed to contribute up to $12 million towards the Company’s Phase 3 Clinical Trial in the form of discounted clinical services in exchange for a single digit percentage of milestone and royalty payments, up to a specific maximum amount. The Company accounted for the co-development and revenue sharing agreements in accordance with ASC 808 “Collaborative Arrangements”. The Company determined the payments to Ergomed are within the scope of ASC 730 “Research and Development.” Therefore, the Company records the discount on the clinical services as a credit to research and development expense on its Statements of Operations. Since the inception of the agreement with Ergomed, the Company has incurred research and development expenses of approximately $31.8 million for Ergomed’s services. This amount is net of Ergomed’s discount of approximately $10.8 million. During the three months ended December 31, 2019 and 2018, the Company recorded, net of Ergomed’s discount, approximately $0.9 million and $0.8 million, respectively, as research and development expense related to Ergomed’s services. Lease Agreements The Company determines whether a contract contains a lease at the inception of a contract by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company leases certain real estate, machinery, equipment and office equipment for varying periods. Many of these leases include an option to either renew or terminate the lease. For purposes of calculating lease liabilities, these options are included in the lease term when it is reasonably certain that the Company will exercise such options. The incremental borrowing rate utilized to calculate the lease liabilities is based on the information available at commencement date, as most of the leases do not provide an implicit borrowing rate. Short-term leases, defined as leases with initial terms of 12 months or less, are not reflected on the balance sheet. Lease expense for such short-term leases is not material. For purposes of calculating lease liabilities, lease and non-lease components are combined. The Company leases a manufacturing facility near Baltimore, Maryland (the San Tomas lease). The building was remodeled in accordance with the Company’s specifications so that it can be used by the Company to manufacture Multikine for the Company’s Phase 3 clinical trial and sales of the drug if approved by the FDA. The lease is for a term of twenty years and requires annual base rent to escalate each year at 3%. The Company is required to pay all real estate and personal property taxes, insurance premiums, maintenance expenses, repair costs and utilities. The lease allows the Company, at its election, to extend the lease for two ten-year periods or to purchase the building at the end of the 20-year lease, which expires in October 2028. Upon lease inception in October 2008, the Company contributed approximately $9.3 million towards the tenant-directed improvements, of which $3.2 million, plus interest, is being refunded during years six through twenty through reduced rental payments. As of December 31, 2019, approximately $2.7 million is remaining to be refunded through the duration of the lease term. This lease is classified as a finance lease. As of October 1, 2019, the initial improvements have a net book value of approximately $2.1 million and are included in leasehold improvements within property and equipment, net on the balance sheet. Upon adoption of ASC 842 on October 1, 2019, the Company recorded a finance lease right of use asset of approximately $15.5 million and a finance lease liability of approximately $13.5 million. As of December 31, 2019, the net book value of the finance lease right of use asset is approximately $15.1 million and the balance of the finance lease liability is approximately $13.3 million, of which approximately $0.8 million is current. These amounts include the San Tomas lease as well as several other smaller finance leases for office equipment. The finance right of use assets are being depreciated using a straight-line method over the underlying lease terms. Total cash paid related to finance leases during the three months ended December 31, 2019 was approximately $468,000, of which approximately $295,000 was for interest. The weighted average discount rate of the Company’s finance leases is 8.8% and the weighted average time to maturity is 8.8 years. The Company was required to deposit the equivalent of one year of base rent in accordance with the lease. When the Company meets the minimum cash balance required by the lease, the deposit will be returned to the Company. The approximate $1.7 million deposit is included in non-current assets at December 31, 2019 and September 30, 2019. Approximate future minimum lease payments under finance leases as of December 31, 2019 are as follows: Nine months ending September 30, 2020 $ 1,416,000 Year ending September 30, 2021 1,948,000 2022 2,010,000 2023 2,079,000 2024 2,146,000 2025 2,218,000 Thereafter 7,322,000 Total future minimum lease obligation 19,139,000 Less imputed interest on finance lease obligations (5,855,000 ) Net present value of lease finance lease obligations $ 13,284,000 The Company rents a portion of its space on a month-to-month term basis, which requires a 30-day notice for termination. The rental income for each of the three months ended December 31, 2019 and 2018 was approximately $18,000. The Company leases two facilities under 60-month operating leases – the lease for its research and development laboratory expires February 28, 2022 and the lease for its office headquarters expires June 30, 2020. During the quarter ended December 31, 2019, the Company incurred approximately $70,000 in leasehold improvements costs for the research and development lab and is reasonably certain to renew the lease through February 28, 2027. The renewal period is included in the right of use asset and liability calculations. The operating leases include escalating rental payments. The Company is recognizing the related rent expense on a straight-line basis over the full 60-month terms of the leases. Upon adoption of ASC 842 on October 1, 2019, the Company recorded an operating lease right of use asset and an operating lease liability of approximately $1.0 million. As of December 31, 2019, the net book value of the operating lease right of use asset is approximately $0.9 million and the balance of the operating lease liability is approximately $1.0 million, of which approximately $0.1 million is current. The Company incurred lease expense for operating leases of approximately $68,000 for the three months ended December 31, 2019. Total cash paid related to operating leases during the three months ended December 31, 2019 was approximately $66,000. As of December 31, 2019, future minimum lease payments on operating leases are as follows: Nine months ending September 30, 2020 $ 173,000 Year ending September 30, 2021 163,000 2022 168,000 2023 173,000 2024 178,000 2025 183,000 Thereafter 269,000 Total future minimum lease obligation 1,307,000 Less imputed interest on operating lease obligation (338,000 ) Net present value of operating lease obligation $ 969,000 |
G. PATENTS
G. PATENTS | 3 Months Ended |
Dec. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
G. PATENTS | During the three months ended December 31, 2019 and 2018, no patent impairment charges were recorded. For the three months ended December 31, 2019 and 2018, amortization of patent costs totaled approximately $13,000 and $12,000, respectively. Approximate estimated future amortization expense is as follows: Nine months ending September 30, 2020 $ 39,000 Year ending September 30, 2021 49,000 2022 45,000 2023 35,000 2024 27,000 2025 24,000 Thereafter 92,000 Total $ 311,000 |
H. LOSS PER COMMON SHARE
H. LOSS PER COMMON SHARE | 3 Months Ended |
Dec. 31, 2019 | |
Net (loss) income per common share | |
H. LOSS PER COMMON SHARE | The following tables provide the details of the basic and diluted (loss) earnings per-share computations: Three months ended December 31, 2019 2018 (Loss) earnings per share - basic Net (loss) earnings available to common shareholders - basic $ (5,531,360 ) $ 1,245,902 Weighted average shares outstanding - basic 35,084,279 27,985,327 Basic (loss) earnings per common share $ (0.16 ) $ 0.04 (Loss) earnings per share - diluted Net (loss) earnings available to common shareholders - basic $ (5,531,360 ) $ 1,245,902 Gain on derivatives (1) (243 ) (723,879 ) Net (loss) earnings available to common shareholders - diluted $ (5,531,603 ) $ 522,023 Weighted average shares outstanding - basic 35,084,279 27,985,327 Incremental shares underlying dilutive - warrants and options (1) 14,329 1,944,026 Weighted average shares outstanding - diluted 35,098,608 29,929,353 Diluted (loss) earnings per common share $ (0.16 ) $ 0.02 (1) Includes Series LL warrants for the three months ended December 31, 2019 and Series GG, HH, II, JJ and KK warrants for the three months ended December 31, 2018. The gain on derivatives priced lower than the average market price during the period is excluded from the numerator and the related shares are excluded from the denominator in calculating diluted loss per share. In accordance with the contingently issuable shares guidance of FASB ASC Topic 260, Earnings Per Share 2019 2018 Options and Warrants 7,009,959 3,175,384 Unvested Restricted Stock 304,500 312,000 Total 7,314,459 3,487,384 |
I. RESTATEMENT
I. RESTATEMENT | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
I. RESTATEMENT | In October 2008, the Company entered into an agreement whereby the Company leased a building owned by a third party. The Company accounted for the lease arrangement in accordance with the build-to-suit guidance in ASC 840-40-55. On October 1, 2019, the Company adopted ASC 842 using the modified retrospective transition approach. Upon adoption of ASC 842, the Company determined the arrangement should be accounted for as a finance lease. In December 2020, the Company determined that the opening finance right of use (ROU) asset and total stockholders’ equity balances were understated by approximately $2.04 million as of October 1, 2019, the date of adoption. The following is a summary of the components of the understated balances: · The unamortized value of approximately $0.6 million relating to the issuance of warrants to the landlord should have been capitalized and included as part of the finance ROU asset as of October 1, 2019. · The unamortized value of approximately $1.4 million relating to a payment made to the landlord at lease inception, which the Company is recovering in the form of reduced rent, should have been capitalized and included as part of the finance ROU asset as of October 1, 2019. The changes do not impact any prior year’s financial statements but are an adjustment to the opening finance ROU asset and accumulated deficit balances effective October 1, 2019. As a result of the changes to the opening finance ROU asset and accumulated deficit balances, the accompanying financial statements for the three months ended December 31, 2019 have been restated to reflect the correction of the error. The following is a summary of the restatement: December 31, 2019 BALANCE SHEET PREVIOUSLY REPORTED ADJUSTMENT RESTATED Finance lease right of use assets $ 13,120,256 $ 1,985,751 $ 15,106,007 Total assets 29,507,833 1,985,751 31,493,584 Accumulated deficit (359,097,170 ) 1,985,751 (357,111,419 ) Total stockholders' equity 6,968,314 1,985,751 8,954,065 Total liabilities and stockholders' equity 29,507,833 1,985,751 31,493,584 Three Months Ended December 31, 2019 STATEMENT OF OPERATIONS PREVIOUSLY REPORTED ADJUSTMENT RESTATED Research and development expenses $ 4,196,613 $ 56,200 $ 4,252,813 Total operating expenses 6,835,509 56,200 6,891,709 Operating loss (6,800,003 ) (56,200 ) (6,856,203 ) Net loss available to common shareholders (5,475,160 ) (56,200 ) (5,531,360 ) Net loss per share - basic and diluted $ (0.16 ) $ (0.16 ) The impact, as a result of the restatement, to the accompanying Statement of Cash Flows is an increase to net loss offset by an increase to depreciation and amortization expense of $56,200 resulting in no impact to the cash used in operating activities. In addition, the cumulative effect adjustment to the opening accumulated deficit balance in the statement of stockholders' equity as of October 1, 2019 increased $2.0 million from $0.1 million (previously reported) to $2.1 million (restated). |
J. SUBSEQUENT EVENTS
J. SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
I. SUBSEQUENT EVENTS | Under the terms of the Underwriting Agreement for the public offering which closed in December 2019 (Note C), the Company granted the Underwriters a 45-day option to purchase up to an additional 90,959 shares of common stock solely to cover over-allotments. The underwriter fully exercised this option in January 2020 resulting in additional net proceeds to the Company of approximately $767,000. |
A. BASIS OF PRESENTATION AND _2
A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed financial statements of CEL-SCI Corporation (the Company) are unaudited and certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. While management of the Company believes that the disclosures presented are adequate to make the information presented not misleading, these interim condensed financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10-K/A for the year ended September 30, 2019. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary for a fair presentation of the Company’s financial position as of December 31, 2019 and the results of its operations for the three months then ended. The condensed balance sheet as of September 30, 2019 is derived from the September 30, 2019 audited financial statements. On October 1, 2019, the Company adopted Accounting Standards Update (ASU) No. 2016-02 “Leases (Topic 842)” using the modified retrospective transition approach. In accordance with this adoption method, results for the reporting period ended December 31, 2019 are presented under the new standard, while prior period results continue to be reported under the previous standard. All other significant accounting policies have been consistently applied in the interim financial statements and the annual financial statements. The results of operations for the three months ended December 31, 2019 and 2018 are not necessarily indicative of the results to be expected for the entire year. The financial statements have been prepared assuming that the Company will continue as a going concern, but due to recurring losses from operations and future liquidity needs there is 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 this uncertainty. Refer to discussion in Note B. |
Research and Office Equipment and Leasehold Improvements | Research and Office Equipment and Leasehold Improvements |
Patents | Patents |
Research and Development Costs | Research and Development Costs |
Income Taxes | Income Taxes |
Derivative Instruments | Derivative Instruments |
Stock-Based Compensation | Stock-Based Compensation Equity instruments issued to non-employees are accounted for in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees.” Accordingly, compensation is recognized when goods or services are received and is measured using the Black-Scholes valuation model. The Black-Scholes model requires various judgmental assumptions regarding the fair value of the equity instruments at the measurement date and the expected life of the options. The Company has Incentive Stock Option Plans, Non-Qualified Stock Option Plans, a Stock Compensation Plan, Stock Bonus Plans and an Incentive Stock Bonus Plan. In some cases, these Plans are collectively referred to as the "Plans". All Plans have been approved by the stockholders. The Company’s stock options are not transferable, and the actual value of the stock options that an employee may realize, if any, will depend on the excess of the market price on the date of exercise over the exercise price. The Company has based its assumption for stock price volatility on the variance of daily closing prices of the Company’s stock. The risk-free interest rate assumption was based on the U.S. Treasury rate at date of the grant with term equal to the expected life of the option. Forfeitures are accounted for when they occur. The expected term of options represents the period that options granted are expected to be outstanding and has been determined based on an analysis of historical exercise behavior. If any of the assumptions used in the Black-Scholes model change significantly, stock-based compensation expense for new awards may differ materially in the future from that recorded in the current period. Vesting of restricted stock granted under the Incentive Stock Bonus Plan is subject to service, performance and market conditions and meets the classification of equity awards. These awards were measured at market value on the grant-dates for issuances where the attainment of performance criteria is likely and at fair value on the grant-dates, using a Monte Carlo simulation for issuances where the attainment of performance criteria is uncertain. The total compensation cost will be expensed over the estimated requisite service period. |
New Accounting Pronouncements | Newly Adopted Accounting Pronouncements Effective October 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-07, Compensation—Stock Compensation (Topic 718 New Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement - Disclosure Framework (Topic )” The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements. |
C. STOCKHOLDERS EQUITY (Tables)
C. STOCKHOLDERS EQUITY (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stock options, stock bonuses and compensation granted by the Company | Name of Plan Total Shares Reserved Under Plans Shares Reserved for Outstanding Options Shares Issued Remaining Options/Shares Under Plans Incentive Stock Options Plans 138,400 89,895 N/A 213 Non-Qualified Stock Option Plans 6,387,200 6,129,285 N/A 111,170 Stock Bonus Plans 783,760 N/A 335,700 448,027 Stock Compensation Plan 634,000 N/A 133,908 481,682 Incentive Stock Bonus Plan 640,000 N/A 616,500 23,500 Underlying share information for equity compensation plans as of September 30, 2019 is as follows: Name of Plan Total Shares Reserved Under Plans Shares Reserved for Outstanding Options Shares Issued Remaining Options/Shares Under Plans Incentive Stock Option Plans 138,400 89,895 N/A 213 Non-Qualified Stock Option Plans 6,387,200 6,128,321 N/A 112,166 Stock Bonus Plans 783,760 N/A 331,226 452,501 Stock Compensation Plan 634,000 N/A 130,183 485,407 Incentive Stock Bonus Plan 640,000 N/A 616,500 23,500 |
Stock option activity | Three Months Ended December 31, 2019 2018 Options granted 1,000 500 Options expired 36 2,400 |
Stock-based compensation expense | Three months Ended December 31, 2019 2018 Employees $ 1,800,225 $ 573,660 Non-employees $ 155,740 $ 238,904 |
Derivative liabilities, warrants and other options | Warrant/options Issue Date Shares Issuable upon Exercise of Warrants/ Options Exercise Price Expiration Date Reference Series N 8/18/2008 85,339 $ 3.00 2/18/2020 * Series V 5/28/2015 810,127 $ 19.75 5/28/2020 * Series UU 6/11/2018 154,810 $ 2.80 6/11/2020 * Series W 10/28/2015 688,930 $ 16.75 10/28/2020 * Series X 1/13/2016 120,000 $ 9.25 1/13/2021 * Series Y 2/15/2016 26,000 $ 12.00 2/15/2021 * Series ZZ 5/23/2016 20,000 $ 13.75 5/18/2021 * Series BB 8/26/2016 16,000 $ 13.75 8/22/2021 * Series Z 5/23/2016 264,000 $ 13.75 11/23/2021 * Series FF 12/8/2016 68,048 $ 3.91 12/1/2021 * Series CC 12/8/2016 277,463 $ 5.00 12/8/2021 * Series HH 2/23/2017 6,500 $ 3.13 2/16/2022 * Series AA 8/26/2016 200,000 $ 13.75 2/22/2022 * Series JJ 3/14/2017 9,450 $ 3.13 3/8/2022 * Series LL 4/30/2017 26,398 $ 3.59 4/30/2022 * Series MM 6/22/2017 893,491 $ 1.86 6/22/2022 * Series NN 7/24/2017 473,798 $ 2.52 7/24/2022 * Series OO 7/31/2017 40,000 $ 2.52 7/31/2022 * Series RR 10/30/2017 457,116 $ 1.65 10/30/2022 * Series SS 12/19/2017 460,012 $ 2.09 12/18/2022 2 Series TT 2/5/2018 459,421 $ 2.24 2/5/2023 2 Series VV 7/2/2018 82,500 $ 1.75 1/2/2024 * Consultants 7/28/17 10,000 $ 2.18 7/27/2027 3 |
Tabular disclosure of derivative liabilities at fair value | December 31, 2019 September 30, 2019 Series V warrants $ 119,411 $ 674,442 Series W warrants 1,042,133 1,193,507 Series Z warrants 1,098,996 1,109,545 Series ZZ warrants 62,791 77,638 Series AA warrants 851,930 916,908 Series BB warrants 64,397 63,966 Series CC warrants 1,733,579 1,710,898 Series FF warrants 453,374 446,185 Series HH warrants 45,739 45,657 Series JJ warrants 66,729 66,599 Series LL warrants 182,722 182,965 Total warrant liabilities $ 5,721,801 $ 6,488,310 |
Schedule of gains and (losses) on derivative liabilities | 2019 2018 Series S warrants $ - $ 33 Series V warrants 555,031 556,332 Series W warrants 151,374 626,850 Series Z warrants 10,549 204,121 Series ZZ warrants 14,847 14,323 Series AA warrants 64,978 157,219 Series BB warrants (431 ) 12,110 Series CC warrants (22,681 ) 665,606 Series DD warrants - 1,249,287 Series EE warrants - 1,249,287 Series FF warrants (7,189 ) 69,062 Series GG warrants - 212,782 Series HH warrants (82 ) 20,951 Series II warrants - 230,589 Series JJ warrants (130 ) 31,462 Series KK warrants - 228,095 Series LL warrants 243 28,197 Net gain on warrant liabilities $ 766,509 $ 5,556,306 |
Warrants recorded as equity exercised | Warrants Warrants Exercised Exercise Price Proceeds Series OO 10,000 $ 2.52 $ 25,200 Series SS 22,632 $ 2.09 47,301 Series TT 100,628 $ 2.24 224,600 132,900 $ 297,101 The following warrants recorded as equity were exercised during the three months ended December 31, 2018 Warrants Warrants Exercised Exercise Price Proceeds Series PP 60,000 $ 2.30 $ 138,000 Series SS 152,632 $ 2.09 319,001 Series TT 86,050 $ 2.24 192,752 298,682 $ 649,753 |
D. FAIR VALUE MEASUREMENTS (Tab
D. FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Measured at fair value on a recurring basis | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Derivative instruments $ - $ - $ 5,721,801 $ 5,721,801 The table below sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the condensed balance sheet at September 30, 2019: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Derivative instruments $ - $ - $ 6,488,310 $ 6,488,310 |
Reconciliation of beginning and ending balances related to fair value measurements using significant unobservable inputs (Level 3) | 3 months ended 12 months ended December 31, 2019 September 30, 2019 Beginning balance $ 6,488,310 $ 9,317,031 Issuances - - Exercises - (3,589,357 ) Realized and unrealized (gains) and losses (766,509 ) 760,636 Ending balance $ 5,721,801 $ 6,488,310 |
F. COMMITMENTS AND CONTINGENC_2
F. COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under the San Tomas lease | Nine months ending September 30, 2020 $ 1,416,000 Year ending September 30, 2021 1,948,000 2022 2,010,000 2023 2,079,000 2024 2,146,000 2025 2,218,000 Thereafter 7,322,000 Total future minimum lease obligation 19,139,000 Less imputed interest on finance lease obligations (5,855,000 ) Net present value of lease finance lease obligations $ 13,284,000 |
Schedule of future minimum payments under operating leases | Nine months ending September 30, 2020 $ 173,000 Year ending September 30, 2021 163,000 2022 168,000 2023 173,000 2024 178,000 2025 183,000 Thereafter 269,000 Total future minimum lease obligation 1,307,000 Less imputed interest on operating lease obligation (338,000 ) Net present value of operating lease obligation $ 969,000 |
G. PATENTS (Tables)
G. PATENTS (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of total estimated future amortization | Nine months ending September 30, 2020 $ 39,000 Year ending September 30, 2021 49,000 2022 45,000 2023 35,000 2024 27,000 2025 24,000 Thereafter 92,000 Total $ 311,000 |
H. LOSS PER COMMON SHARE (Table
H. LOSS PER COMMON SHARE (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Net (loss) income per common share | |
Antidilutive securities | Three months ended December 31, 2019 2018 (Loss) earnings per share - basic Net (loss) earnings available to common shareholders - basic $ (5,531,360 ) $ 1,245,902 Weighted average shares outstanding - basic 35,084,279 27,985,327 Basic (loss) earnings per common share $ (0.16 ) $ 0.04 (Loss) earnings per share - diluted Net (loss) earnings available to common shareholders - basic $ (5,531,360 ) $ 1,245,902 Gain on derivatives (1) (243 ) (723,879 ) Net (loss) earnings available to common shareholders - diluted $ (5,531,603 ) $ 522,023 Weighted average shares outstanding - basic 35,084,279 27,985,327 Incremental shares underlying dilutive - warrants and options (1) 14,329 1,944,026 Weighted average shares outstanding - diluted 35,098,608 29,929,353 Diluted (loss) earnings per common share $ (0.16 ) $ 0.02 (1) Includes Series LL warrants for the three months ended December 31, 2019 and Series GG, HH, II, JJ and KK warrants for the three months ended December 31, 2018. |
I. RESTATEMENT (Tables)
I. RESTATEMENT (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Balance sheet restatement | December 31, 2019 BALANCE SHEET PREVIOUSLY REPORTED ADJUSTMENT RESTATED Finance lease right of use assets $ 13,120,256 $ 1,985,751 $ 15,106,007 Total assets 29,507,833 1,985,751 31,493,584 Accumulated deficit (359,097,170 ) 1,985,751 (357,111,419 ) Total stockholders' equity 6,968,314 1,985,751 8,954,065 Total liabilities and stockholders' equity 29,507,833 1,985,751 31,493,584 |
Statement of operations restatement | Three Months Ended December 31, 2019 STATEMENT OF OPERATIONS PREVIOUSLY REPORTED ADJUSTMENT RESTATED Research and development expenses $ 4,196,613 $ 56,200 $ 4,252,813 Total operating expenses 6,835,509 56,200 6,891,709 Operating loss (6,800,003 ) (56,200 ) (6,856,203 ) Net loss available to common shareholders (5,475,160 ) (56,200 ) (5,531,360 ) Net loss per share - basic and diluted $ (0.16 ) $ (0.16 ) |
C. STOCKHOLDERS EQUITY (Details
C. STOCKHOLDERS EQUITY (Details) - shares | Dec. 31, 2019 | Sep. 30, 2019 |
Incentive Stock Option Plans | ||
Total shares reserved under plans | 138,400 | 138,400 |
Shares reserved for outstanding options | 89,895 | 89,895 |
Shares issued | 0 | 0 |
Remaining options/shares under plans | 213 | 213 |
Non Qualified Stock Option Plans | ||
Total shares reserved under plans | 6,387,200 | 6,387,200 |
Shares reserved for outstanding options | 6,129,285 | 6,128,321 |
Shares issued | 0 | 0 |
Remaining options/shares under plans | 111,170 | 112,166 |
Stock Bonus Plans | ||
Total shares reserved under plans | 783,760 | 783,760 |
Shares reserved for outstanding options | 0 | 0 |
Shares issued | 335,700 | 331,226 |
Remaining options/shares under plans | 448,027 | 452,501 |
Stock Compensation Plan | ||
Total shares reserved under plans | 634,000 | 634,000 |
Shares reserved for outstanding options | 0 | 0 |
Shares issued | 133,908 | 130,183 |
Remaining options/shares under plans | 481,682 | 485,407 |
Incentive Stock Bonus Plan | ||
Total shares reserved under plans | 640,000 | 640,000 |
Shares reserved for outstanding options | 0 | 0 |
Shares issued | 616,500 | 616,500 |
Remaining options/shares under plans | 23,500 | 23,500 |
C. STOCKHOLDERS EQUITY (Detai_2
C. STOCKHOLDERS EQUITY (Details 1) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||
Granted | 1,000 | 500 |
Expired | 36 | 2,400 |
C. STOCKHOLDERS EQUITY (Detai_3
C. STOCKHOLDERS EQUITY (Details 2) | 3 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Series N | |
STOCKHOLDERS' EQUITY | |
Issue date | 8/18/2008 |
Shares issuable upon exercise of warrant | shares | 85,339 |
Exercise price | $ / shares | $ 3 |
Expiration date | 2/18/2020 |
Series V | |
STOCKHOLDERS' EQUITY | |
Issue date | 5/28/2015 |
Shares issuable upon exercise of warrant | shares | 810,127 |
Exercise price | $ / shares | $ 19.75 |
Expiration date | 5/28/2020 |
Series UU | |
STOCKHOLDERS' EQUITY | |
Issue date | 6/11/2018 |
Shares issuable upon exercise of warrant | shares | 154,810 |
Exercise price | $ / shares | $ 2.80 |
Expiration date | 6/11/2020 |
Series W | |
STOCKHOLDERS' EQUITY | |
Issue date | 10/28/2015 |
Shares issuable upon exercise of warrant | shares | 688,930 |
Exercise price | $ / shares | $ 16.75 |
Expiration date | 10/28/2020 |
Series X | |
STOCKHOLDERS' EQUITY | |
Issue date | 1/13/2016 |
Shares issuable upon exercise of warrant | shares | 120,000 |
Exercise price | $ / shares | $ 9.25 |
Expiration date | 1/13/2021 |
Series Y | |
STOCKHOLDERS' EQUITY | |
Issue date | 2/15/2016 |
Shares issuable upon exercise of warrant | shares | 26,000 |
Exercise price | $ / shares | $ 12 |
Expiration date | 2/15/2021 |
Series ZZ | |
STOCKHOLDERS' EQUITY | |
Issue date | 5/23/2016 |
Shares issuable upon exercise of warrant | shares | 20,000 |
Exercise price | $ / shares | $ 13.75 |
Expiration date | 5/18/2021 |
Series BB | |
STOCKHOLDERS' EQUITY | |
Issue date | 8/26/2016 |
Shares issuable upon exercise of warrant | shares | 16,000 |
Exercise price | $ / shares | $ 13.75 |
Expiration date | 8/22/2021 |
Series Z | |
STOCKHOLDERS' EQUITY | |
Issue date | 5/23/2016 |
Shares issuable upon exercise of warrant | shares | 264,000 |
Exercise price | $ / shares | $ 13.75 |
Expiration date | 11/23/2021 |
Series FF | |
STOCKHOLDERS' EQUITY | |
Issue date | 12/8/2016 |
Shares issuable upon exercise of warrant | shares | 68,048 |
Exercise price | $ / shares | $ 3.91 |
Expiration date | 12/1/2021 |
Series CC | |
STOCKHOLDERS' EQUITY | |
Issue date | 12/8/2016 |
Shares issuable upon exercise of warrant | shares | 277,463 |
Exercise price | $ / shares | $ 5 |
Expiration date | 12/8/2021 |
Series HH | |
STOCKHOLDERS' EQUITY | |
Issue date | 2/23/2017 |
Shares issuable upon exercise of warrant | shares | 6,500 |
Exercise price | $ / shares | $ 3.13 |
Expiration date | 2/16/2022 |
Series AA | |
STOCKHOLDERS' EQUITY | |
Issue date | 8/26/2016 |
Shares issuable upon exercise of warrant | shares | 200,000 |
Exercise price | $ / shares | $ 13.75 |
Expiration date | 2/22/2022 |
Series JJ | |
STOCKHOLDERS' EQUITY | |
Issue date | 3/14/2017 |
Shares issuable upon exercise of warrant | shares | 9,450 |
Exercise price | $ / shares | $ 3.13 |
Expiration date | 3/8/2022 |
Series LL | |
STOCKHOLDERS' EQUITY | |
Issue date | 4/30/2017 |
Shares issuable upon exercise of warrant | shares | 26,398 |
Exercise price | $ / shares | $ 3.59 |
Expiration date | 4/30/2022 |
Series MM | |
STOCKHOLDERS' EQUITY | |
Issue date | 6/22/2017 |
Shares issuable upon exercise of warrant | shares | 893,491 |
Exercise price | $ / shares | $ 1.86 |
Expiration date | 6/22/2022 |
Series NN | |
STOCKHOLDERS' EQUITY | |
Issue date | 7/24/2017 |
Shares issuable upon exercise of warrant | shares | 473,798 |
Exercise price | $ / shares | $ 2.52 |
Expiration date | 7/24/2022 |
Series OO | |
STOCKHOLDERS' EQUITY | |
Issue date | 7/31/2017 |
Shares issuable upon exercise of warrant | shares | 40,000 |
Exercise price | $ / shares | $ 2.52 |
Expiration date | 7/31/2022 |
Series RR | |
STOCKHOLDERS' EQUITY | |
Issue date | 10/30/2017 |
Shares issuable upon exercise of warrant | shares | 457,116 |
Exercise price | $ / shares | $ 1.65 |
Expiration date | 10/30/2022 |
Series SS | |
STOCKHOLDERS' EQUITY | |
Issue date | 12/19/2017 |
Shares issuable upon exercise of warrant | shares | 460,012 |
Exercise price | $ / shares | $ 2.09 |
Expiration date | 12/18/2022 |
Series TT | |
STOCKHOLDERS' EQUITY | |
Issue date | 2/5/2018 |
Shares issuable upon exercise of warrant | shares | 459,421 |
Exercise price | $ / shares | $ 2.24 |
Expiration date | 2/5/2023 |
Series VV | |
STOCKHOLDERS' EQUITY | |
Issue date | 7/2/2018 |
Shares issuable upon exercise of warrant | shares | 82,500 |
Exercise price | $ / shares | $ 1.75 |
Expiration date | 1/2/2024 |
Consultants | |
STOCKHOLDERS' EQUITY | |
Issue date | 7/28/17 |
Shares issuable upon exercise of warrant | shares | 10,000 |
Exercise price | $ / shares | $ 2.18 |
Expiration date | 7/27/2027 |
STOCKHOLDERS EQUITY (Details 3)
STOCKHOLDERS EQUITY (Details 3) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee | ||
Stock based compensation expense | $ 1,800,225 | $ 573,660 |
Non-Employees | ||
Stock based compensation expense | $ 155,740 | $ 238,904 |
C. STOCKHOLDERS EQUITY (Detai_4
C. STOCKHOLDERS EQUITY (Details 4) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Equity [Abstract] | |||
Series V warrants | $ 119,411 | $ 674,442 | |
Series W warrants | 1,042,133 | 1,193,507 | |
Series Z warrants | 1,098,996 | 1,109,545 | |
Series ZZ warrants | 62,791 | 77,638 | |
Series AA warrants | 851,930 | 916,908 | |
Series BB warrants | 64,397 | 63,966 | |
Series CC warrants | 1,733,579 | 1,710,898 | |
Series FF warrants | 453,374 | 446,185 | |
Series HH warrants | 45,739 | 45,657 | |
Series JJ warrants | 66,729 | 66,599 | |
Series LL warrants | 182,722 | 182,965 | |
Total warrant liabilities | 5,721,801 | $ 6,488,310 | |
Series S warrants | 0 | $ 33 | |
Series V warrants | 555,031 | 556,332 | |
Series W warrants | 151,374 | 626,850 | |
Series Z warrants | 10,549 | 204,121 | |
Series ZZ warrants | 14,847 | 14,323 | |
Series AA warrants | 64,978 | 157,219 | |
Series BB warrants | (431) | 12,110 | |
Series CC warrants | (22,681) | 665,606 | |
Series DD warrants | 0 | 1,249,287 | |
Series EE warrants | 0 | 1,249,287 | |
Series FF warrants | (7,189) | 69,062 | |
Series GG warrants | 0 | 212,782 | |
Series HH warrants | (82) | 20,951 | |
Series II warrants | 0 | 230,589 | |
Series JJ warrants | (130) | 31,462 | |
Series KK warrants | 0 | 228,095 | |
Series LL warrants | 243 | 28,197 | |
Net (loss)/gain on warrant liabilities | $ 766,509 | $ 5,556,306 |
STOCKHOLDERS EQUITY (Details 5)
STOCKHOLDERS EQUITY (Details 5) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants exercised | 132,900 | 298,682 | ||
Proceeds | $ 297,101 | $ 649,753 | ||
Series OO | ||||
Warrants exercised | 10,000 | |||
Exercise Price | $ 2.52 | |||
Proceeds | $ 25,200 | |||
Series SS | ||||
Warrants exercised | 22,632 | 152,632 | ||
Exercise Price | $ 2.09 | $ 2.09 | ||
Proceeds | $ 47,301 | $ 319,001 | ||
Series TT | ||||
Warrants exercised | 100,628 | 86,050 | ||
Exercise Price | $ 2.24 | $ 2.24 | ||
Proceeds | $ 224,600 | $ 192,752 | ||
Series PP | ||||
Warrants exercised | 60,000 | |||
Exercise Price | $ 2.3 | |||
Proceeds | $ 138,000 |
C. STOCKHOLDERS EQUITY (Detai_5
C. STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Equity [Abstract] | |||
Total compensation expense | $ 156,000 | $ 239,000 | |
Pre-paid expenses | 159,000 | $ 230,000 | |
Other non-operating gain/loss | $ 800,000 | $ 1,200,000 |
D. FAIR VALUE MEASUREMENTS (Det
D. FAIR VALUE MEASUREMENTS (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Derivative instruments | $ 5,721,801 | $ 6,488,310 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Derivative instruments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Derivative instruments | $ 5,721,801 | $ 6,488,310 |
D. FAIR VALUE MEASUREMENTS (D_2
D. FAIR VALUE MEASUREMENTS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 6,488,310 | $ 9,317,031 |
Issuances | 0 | 0 |
Exercises | 0 | (3,589,357) |
Realized and unrealized (gains) and losses | (766,509) | 6,488,310 |
Ending balance | $ 85,721,801 | $ 6,488,310 |
F. COMMITMENTS AND CONTINGENC_3
F. COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Nine months ending September 30, 2020 | $ 1,416,000 |
2021 | 1,948,000 |
2022 | 2,010,000 |
2023 | 2,079,000 |
2024 | 2,146,000 |
2025 | 2,218,000 |
Thereafter | 7,322,000 |
Total future minimum lease obligation | 19,139,000 |
Less imputed interest on financing obligation | (5,855,000) |
Net present value of lease financing obligation | $ 13,284,000 |
F. COMMITMENTS AND CONTINGENC_4
F. COMMITMENTS AND CONTINGENCIES (Details 1) | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Nine months ending September 30, 2020 | $ 173,000 |
2021 | 163,000 |
2022 | 168,000 |
2023 | 173,000 |
2024 | 178,000 |
2025 | 183,000 |
Thereafter | 269,000 |
Total future minimum lease obligation | 1,307,000 |
Less imputed interest on operating lease obligation | (338,000) |
Total | $ 969,000 |
F. COMMITMENTS AND CONTINGENC_5
F. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Research and Development expenses | $ 900,000 | $ 800,000 | |
Reimbursable tenant-directed improvements | 2,700,000 | ||
Finance lease right of use assets | 15,106,007 | $ 0 | |
Cash paid related to finance leases | 468,000 | 0 | |
Rental Income | 18,000 | 18,000 | |
Book value of operating lease - asset | 900,000 | ||
Book value of operating lease - liability | 1,000,000 | ||
Operating lease expense | 68,000 | $ 0 | |
Cash paid related to operating leases | $ 66,000 |
G. PATENTS (Details)
G. PATENTS (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Nine months ending September 30, 2020 | $ 39,000 | |
2021 | 49,000 | |
2022 | 45,000 | |
2023 | 35,000 | |
2024 | 27,000 | |
2025 | 24,000 | |
Thereafter | 92,000 | |
Total | $ 310,703 | $ 311,586 |
H. LOSS PER COMMON SHARE (Detai
H. LOSS PER COMMON SHARE (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
(Loss) earnings per share - basic | |||
Net (loss) income available to common shareholders | $ (5,531,360) | $ 1,245,902 | |
Weighted average shares outstanding - basic | 35,084,279 | 27,985,327 | |
Basic (loss) earnings per common share | $ (0.16) | $ 0.04 | |
(Loss) earnings per share - diluted | |||
Net (loss) income available to common shareholders | $ (5,531,360) | $ 1,245,902 | |
Gain on derivatives | [1] | (243) | (723,879) |
Net (loss) earnings available to common shareholders - diluted | $ (5,531,360) | $ 522,023 | |
Weighted average shares outstanding - basic | 35,084,279 | 27,985,327 | |
Incremental shares underlying dilutive warrants and options | [1] | 14,329 | 1,944,026 |
Weighted average shares outstanding - diluted | 35,098,608 | 29,929,353 | |
Diluted (loss) earnings per common share | $ (0.16) | $ 0.02 | |
[1] | (1) Includes Series LL warrants for the three months ended December 31, 2019 and Series GG, HH, II, JJ and KK warrants for the three months ended December 31, 2018. |
H. LOSS PER COMMON SHARE (Det_2
H. LOSS PER COMMON SHARE (Details 1) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive securities | 7,314,459 | 3,487,384 |
Options and Warrants | ||
Antidilutive securities | 7,009,959 | 3,175,384 |
Unvested Restricted Stock | ||
Antidilutive securities | 304,500 | 312,000 |
I. RESTATEMENT (Details)
I. RESTATEMENT (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Finance lease right of use assets | $ 15,106,007 | $ 0 | ||
Total assets | 31,493,584 | 27,622,994 | ||
Accumulated deficit | (357,111,419) | (353,726,254) | ||
Total stockholders' equity | 8,954,065 | 5,133,667 | $ 2,707,852 | $ 916 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 31,493,584 | $ 27,622,994 | ||
Previously Reported | ||||
Finance lease right of use assets | 13,120,256 | |||
Total assets | 29,507,833 | |||
Accumulated deficit | (359,097,170) | |||
Total stockholders' equity | 6,968,314 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 29,507,833 | |||
Adjustment | ||||
Finance lease right of use assets | 1,985,751 | |||
Total assets | 1,985,751 | |||
Accumulated deficit | 1,985,751 | |||
Total stockholders' equity | 1,985,751 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,985,751 |
I. RESTATEMENT (Details 1)
I. RESTATEMENT (Details 1) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Research and development | $ 4,252,813 | $ 3,471,714 |
Total operating expenses | 6,891,709 | 5,160,876 |
Operating loss | (6,856,203) | $ (5,034,462) |
Net loss available to common shareholders | $ (5,531,360) | |
Net loss per share - basic and diluted | $ (.16) | |
Previously Reported | ||
Research and development | $ 4,196,613 | |
Total operating expenses | 6,835,509 | |
Operating loss | (6,800,003) | |
Net loss available to common shareholders | $ (5,475,160) | |
Net loss per share - basic and diluted | $ (0.16) | |
Adjustment | ||
Research and development | $ 56,200 | |
Total operating expenses | 56,200 | |
Operating loss | (56,200) | |
Net loss available to common shareholders | $ (56,200) | |
Net loss per share - basic and diluted |