0001144204-17-015866.txt : 20170321 0001144204-17-015866.hdr.sgml : 20170321 20170321163337 ACCESSION NUMBER: 0001144204-17-015866 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170321 DATE AS OF CHANGE: 20170321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Checkpoint Therapeutics, Inc. CENTRAL INDEX KEY: 0001651407 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 472568632 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55506 FILM NUMBER: 17704551 BUSINESS ADDRESS: STREET 1: 2 GANSEVOORT STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10014 BUSINESS PHONE: 212-554-4366 MAIL ADDRESS: STREET 1: 2 GANSEVOORT STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10014 10-K/A 1 v462321_10ka.htm 10-K/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

 

 

FORM 10-K/A

(Amendment No. 1)

 

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Fiscal Year Ended December 31, 2016

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from                     to                    .

 

Commission File Number 000-55506

 

 

CHECKPOINT THERAPEUTICS, INC. 

(Exact name of registrant as specified in its charter)  

 

Delaware 47-2568632
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
   
2 Gansevoort Street, 9th Floor  
New York, New York 10014 10014
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (781) 652-4500

 

Securities registered pursuant to Section 12(b) of the Act:

(Title of Class)   (Name of exchange on which registered)
Common Stock, par value $0.0001 per share   None

 

Securities registered pursuant to section 12(g) of the Act: None.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ¨   No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  ¨  No  x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x     No  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x No  ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer x   (Do not check if a smaller reporting company) Smaller reporting company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨     No  x

 

As of June 30, 2016, the last business day of the registrant’s most recently completed second fiscal quarter, there was no established public market for the registrant’s common stock. The registrant’s common stock began trading on the OTCQX market on December 19, 2016.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

 

Class of Common Stock   Outstanding Shares as of March 6, 2017
Class A Common Stock, $0.0001 par value   7,000,000
Common Stock, $0.0001 par value   17,476,876

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Portions of the registrant’s Proxy Statement for its 2017 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K.

 

 

 

 

EXPLANATORY NOTE

 

This Amendment No. 1 (this “Amendment”) to Checkpoint Therapeutic Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 17, 2017 (the “Original Form 10-K”), is being filed with the limited purpose of amending the Report of Independent Registered Public Accounting Firm on page F-2 of the Original Form 10-K to correct a scrivener’s error with respect to the omission of the city and state thereof.

 

This Amendment is as of the filing date of the Original Form 10-K and should be read in conjunction with the Original Form 10-K. This Amendment does not reflect any subsequent information or events and no other information included in the Original Form 10-K has been modified or updated in any way, except as described above.

 

 

 

 

CHECKPOINT THERAPEUTICS, INC.

ANNUAL REPORT ON FORM 10-K/A

TABLE OF CONTENTS

 

    Page
     
PART II 4
Item 8. Financial Statements and Supplementary Data 4
Item 9A. Controls and Procedures 4
     
PART IV 4
Item 15. Exhibits, Financial Statement Schedules 4

 

 

 

 

PART II

 

Item 8.Financial Statements and Supplementary Data.

 

The information required by this Item is set forth in the financial statements and notes thereto beginning at page F-1 of this Annual Report on Form 10-K/A.

 

Item 9A.Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures. As of December 31, 2016, management carried out, under the supervision and with the participation of our principal executive officer and principal financial officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms. Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of December 31, 2016, our disclosure controls and procedures were effective.

 

Management’s Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) under the Exchange Act). Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2016. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission, known as COSO, in Internal Control-Integrated Framework (2013). Our management has concluded that, as of December 31, 2016, our internal control over financial reporting was effective based on these criteria.

 

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on the Effectiveness of Controls. Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

  

PART IV

 

Item 15.Exhibits, Financial Statement Schedules

 

(a)Financial Statements.

 

The following financial statements are filed as part of this report:

 

Reports of Independent Registered Public Accounting Firms F-1 – F-2
   
Financial Statements:  
   
Balance Sheets F-3
   
Statements of Operations F-4
   
Statements of Stockholders’ Equity F-5
   
Statements of Cash Flows F-6
   
Notes to Financial Statements F-7 – F-20

   

 4 

 

 (b)         Exhibits. 

   
Exhibit No.   Description
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1   Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2   Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101   The following financial information from the Company’s Quarterly Report on Form 10-K/A for the period ended December 31, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statement of Stockholders’ Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

 

5 

 

 

 

INDEX TO FINANCIAL STATEMENTS

 

Reports of Independent Registered Public Accounting Firms F-1 – F-2 
   
Balance Sheets F-3
   
Statements of Operations F-4
   
Statements of Stockholders’ Equity F-5
   
Statements of Cash Flows F-6
   
Notes to Financial Statements F-7 – F-20

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

  

To the Board of Directors and Stockholders

Checkpoint Therapeutics, Inc.

New York, NY

 

We have audited the accompanying balance sheet of Checkpoint Therapeutics, Inc. (the “Company”) as of December 31, 2016 and the related statements of operations, stockholders’ equity, and cash flows for the year ended December 31, 2016. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Checkpoint Therapeutics, Inc. as of December 31, 2016, and the results of its operations and its cash flows for the year ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America.

 

/s/ BDO USA, LLP  
   
New York, NY  
March 17, 2017  

 

 F-1 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  

The Board of Directors and Stockholders

Checkpoint Therapeutics, Inc.

 

We have audited the accompanying balance sheet of Checkpoint Therapeutics, Inc. (the “Company”) as of December 31, 2015 and the related statements of operations, stockholders’ equity, and cash flows for the year ended December 31, 2015 and for the period from November 10, 2014 (inception) to December 31, 2014. The financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Checkpoint Therapeutics, Inc. as of December 31, 2015, and the results of its operations and its cash flows for the year ended December 31, 2015 and for the period from November 10, 2014 (inception) to December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

 

/s/ EisnerAmper LLP
 
New York, New York
July 11, 2016

 

 F-2 

 

 

CHECKPOINT THERAPEUTICS, INC.

BALANCE SHEETS

(in thousands, except share and per share amounts)

 

   December 31,   December 31, 
   2016   2015 
ASSETS          
Current Assets:          
Cash and cash equivalents  $35,086   $50,418 
Prepaid expenses and other assets   71    171 
Other receivables - related party   821    65 
Total current assets   35,978    50,654 
Total Assets  $35,978   $50,654 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current Liabilities:          
Accounts payable and accrued expenses  $3,355   $1,288 
Accounts payable and accrued expenses - related party   318    502 
Total current liabilities   3,673    1,790 
           
Note payable, long-term (net of debt discount of $0 and $324 at December 31, 2016 and December 31, 2015, respectively)   -    2,468 
Total Liabilities   3,673    4,258 
           
Commitments and Contingencies          
           
Stockholders' Equity          
Common Stock ($0.0001 par value), 50,000,000 shares authorized          
Class A common shares, 7,000,000 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively   1    1 
Common shares, 17,426,876 shares and 15,989,315 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively   2    1 
Common stock issuable,721,699 and 688,755 shares as of December 31, 2016 and December 31, 2015, respectively   3,919    3,024 
Additional paid-in capital   64,736    57,262 
Accumulated deficit   (36,353)   (13,892)
Total Stockholders’ Equity   32,305    46,396 
Total Liabilities and Stockholders’ Equity  $35,978   $50,654 

 

The accompanying notes are an integral part of these financial statements.

 

 F-3 

 

 

CHECKPOINT THERAPEUTICS, INC.

STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

 

   Year Ended December 31,   For the period from
November 10, 2014
(inception) to
 
   2016   2015   December 31, 2014 
Revenue - related party  $2,570   $590   $- 
                
Operating expenses:               
Research and development   20,267    11,323    - 
General and administrative   4,467    2,488    - 
Total operating expenses   24,734    13,811    - 
Loss from operations   (22,164)   (13,221)   - 
                
Other income (expense)               
Interest income   47    2    - 
Interest expense and debt amortization   (344)   (235)   - 
Change in fair value of warrant liabilities   -    (438)   - 
Total other expense   (297)   (671)   - 
Net Loss  $(22,461)  $(13,892)  $- 
                
Loss per Share:               
Basic and diluted net loss per common share outstanding  $(1.04)  $(1.41)  $- 
                
Basic and diluted weighted average number of common shares outstanding   21,544,205    9,855,668    8,000,000 

 

The accompanying notes are an integral part of these financial statements.

 

 F-4 

 

  

CHECKPOINT THERAPEUTICS, INC.

STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, except share amounts)

 

   Class A Common Shares   Common Shares   Common
Shares		   Additional
Paid-in		   Accumulated   Total
Stockholders'		 
   Shares   Amount   Shares   Amount   Issuable   Capital   Deficit   Equity 
Issuance of Class A common shares to Fortress on November 10, 2014   7,000,000   $1    -   $-   $-   $(1)  $-   $- 
Issuance of common shares to Fortress on November 10, 2014   -    -    1,000,000    -   -    -   -    -  
Balances at December 31, 2014   7,000,000   $1    1,000,000   $-   $-   $ (1)  $ -   $ - 
Cash received for issuance of founder shares   -    -    -    -    -    1    -    1 
Issuance of common shares for cash   -    -    11,563,400    1    -    57,816    -    57,817 
Offering costs   -    -    -    -    -    (6,321)   -    (6,321)
Stock-based compensation expenses   -    -    1,000,000    -    -    265    -    265 
Issuance of common shares - Founders Agreement   -    -    289,085    -    -    1,269    -    1,269 
Common shares issuable - Founders Agreement   -    -    -    -    3,024    -    -    3,024 
Issuance of restricted stock and warrants for services   -    -    1,500,000    -    -    2,987    -    2,987 
Issuance of common shares for license expenses   -    -    636,830    -    -    633    -    633 
Issuance of warrants   -    -    -    -    -    613    -    613 
Net loss   -    -    -    -    -    -    (13,892)   (13,892)
Balances at December 31, 2015   7,000,000   $1    15,989,315   $1   $3,024   $57,262   $(13,892)  $46,396 
Issuance of common shares and warrants for cash   -    -    126,640    -    -    570    -    570 
Stock-based compensation expenses   -    -    619,000    -    -    3,867    -    3,867 
Common shares issuable - Founders Agreement   -    -    -    -    3,919    -    -    3,919 
Issuance of common shares - Founders Agreement   -    -    691,921    1    (3,024)   3,037    -    14 
Net loss   -    -    -    -    -    -    (22,461)   (22,461)
Balances at December 31, 2016   7,000,000   $1    17,426,876   $2   $3,919   $64,736   $(36,353)  $32,305 

 

The accompanying notes are an integral part of these financial statements.

 

 F-5 

 

 

CHECKPOINT THERAPEUTICS, INC.

STATEMENTS OF CASH FLOWS

(in thousands)

 

   Year Ended December 31,      For the period from
November 10, 2014
(inception) to
  
   2016   2015      December 31, 2014  
Cash Flows from Operating Activities:                  
Net loss  $(22,461)  $(13,892)   $ -  
Adjustments to reconcile net loss to net cash used in operating activities:                  
Stock-based compensation expenses   3,867    3,252      -  
Change in fair value of warrant liabilities   -    438      -  
Issuance of common shares - Founders Agreement   14    1,269      -  
Common shares issuable - Founders Agreement   3.919    3,024      -  
Issuance of common shares for license expenses   -    633      -  
Amortization of debt discount   324    89      -  
Research and development-licenses acquired, expensed   3,160    2,525         
Changes in operating assets and liabilities:                
Prepaid expenses and other assets   100    (171)     -  
Other receivables - related party   (756)   (65)     -  
Accounts payable and accrued expenses   1,883    1,790      -  
Net cash used in operating activities   (9,950)   (1,108)     -  
                   
Cash Flows from Investing Activities:                  
Purchase of research and development licenses   (3,160)   (2,525)     -  
Net cash used in investing activities   (3,160)   (2,525)     -  
                   
Cash Flows from Financing Activities:                  
Proceeds from note payable, net of debt discount   -    2,554      -  
Payment of note payable   (2,792)   -      -  
Proceeds from issuance of common stock, net of offering costs of $0 and $6,321, respectively   570    51,496      -  
Cash received for issuance of founders shares   -    1      -  
Net cash (used in) provided by financing activities   (2,222)   54,051      -  
                   
Net (decrease) increase in cash   (15,332)   50,418      -  
Cash at beginning of period   50,418    -      -  
Cash at end of period  $35,086   $50,418    $ -  
                   
Supplemental disclosure of cash flow information:                  
Cash paid for interest  $20   $56    $ -  
                   
Supplemental disclosure of noncash investing and financing activities:                  
Debt discount associated with warrant liabilities  $-   $175    $ -  
Issuance of founder shares to Fortress on November 10, 2014  $-   $-    $ 1

 

The accompanying notes are an integral part of these financial statements.

 

 F-6 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Note 1 — Organization, Plan of Business Operations

 

Checkpoint Therapeutics, Inc. (the “Company” or “Checkpoint”) was incorporated in Delaware on November 10, 2014. Checkpoint is an immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel, non-chemotherapy, immune-enhanced combination treatments for patients with solid tumor cancers. The Company may acquire rights to these technologies by licensing the rights or otherwise acquiring an ownership interest in the technologies, funding their research and development and eventually either out-licensing or bringing the technologies to market. The Company may also enter into collaboration agreements with third and related parties including sponsored research agreements to develop these technologies for liquid tumors while retaining the rights in solid tumors.

 

The Company is a majority controlled subsidiary of Fortress Biotech, Inc. (“Fortress”).

 

The Company’s common stock is quoted on the OTCQX market and trades under the symbol “CKPT.”

  

Portfolio of Immuno-Oncology and Anti-Cancer Agents

 

In March 2015, Checkpoint entered into a license agreement with Dana-Farber Cancer Institute (“Dana-Farber”) for an exclusive, worldwide license to a portfolio of antibodies targeting programmed cell death ligand 1 (“PD-L1”), glucocorticoid-induced TNFR-related protein (“GITR”) and carbonic anhydrase IX (“CAIX”). These antibodies are currently in preclinical development. Checkpoint plans to develop these novel immuno-oncology and checkpoint inhibitor antibodies on their own and in combination with each other, as published literature suggests that combinations of these targets can work synergistically together. The Company expects to submit an investigational new drug (“IND”) application for its anti-PD-L1 antibody in 2017, and for its anti-GITR and anti-CAIX antibodies in 2018 (see Note 3).

 

In connection with the license agreement with Dana-Farber, Checkpoint entered into a Global Collaboration Agreement with TG Therapeutics, Inc. (“TGTX”), a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while Checkpoint retains the right to develop and commercialize these antibodies in the field of solid tumors (see Note 3).

  

In March 2015, Fortress entered into an exclusive license agreement with NeuPharma, Inc. (“NeuPharma”) to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. This license was assigned by Fortress to the Company effective March 17, 2015 pursuant to the terms of an Assignment and Assumption Agreement. In August 2016, the Company filed an IND application with the U.S. Food and Drug Administration (“FDA”) for CK-101, which was approved by the FDA, and in September 2016 the Company dosed the first patient in a Phase 1/2 clinical trial (see Note 3).

 

In December 2015, Fortress licensed the exclusive worldwide rights to develop and commercialize CK-102 (formerly CEP-9722), a poly (ADP-ribose) polymerase (“PARP”) inhibitor, from Teva Pharmaceutical Industries Ltd., through its subsidiary, Cephalon, Inc. CK-102 is an oral, small molecule selective inhibitor of PARP-1 and PARP-2 enzymes in early clinical development for solid tumors. This license was assigned by Fortress to the Company effective December 18, 2015 pursuant to the terms of an Assignment and Assumption Agreement. Checkpoint plans to develop CK-102 as both a monotherapy and in combination with other anti-cancer agents, including the Company’s novel immuno-oncology and checkpoint inhibitor antibodies currently in development. The Company plans to evaluate a reformulation of the CK-102 drug product to improve its bioavailability prior to commencing a clinical program (see Note 3).

 

In May 2016, Checkpoint entered into a license agreement with Jubilant Biosys Limited (“Jubilant”) for an exclusive, worldwide license to Jubilant’s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. CK-103 is currently in preclinical development. The Company plans to complete the required chemistry, manufacturing and control, pharmacology and toxicology activities to support an IND application to the FDA in 2017 (see Note 3).

 

In connection with the license agreement with Jubilant, the Company entered into a Sublicense Agreement with TGTX to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors (see Note 3).

 

Liquidity and Capital Resources

 

The Company has incurred substantial operating losses since its inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of December 31, 2016, the Company had an accumulated deficit of $36.4 million.

 

 F-7 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

On September 18, 2015, the Company entered into a placement agency agreement (the “Placement Agency Agreement”) with National Securities Corporation (the “Placement Agent”) relating to the Company’s offering, issuance and sale (the “Offering”) to select institutional investors (the “Investors”) of units consisting of 10,000 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), and warrants (the “Warrants”) exercisable for 2,500 shares of Common Stock at an exercise price of $7.00 per share, for a purchase price of $50,000 per unit. The warrants have a five-year term and are only exercisable for cash. The Offering closed on December 18, 2015. The net proceeds to the Company from the Offering, after deducting Placement Agent fees and the Company’s offering expenses, were approximately $51.5 million.

 

On February 23, 2016, the Company closed on gross proceeds of $0.6 million, in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 3,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $45,000 per unit. The warrants have a five-year term and are only exercisable for cash. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, noted above, which included the payment of fees and issuance of warrants to a placement agent (see Note 7).

 

The Company expects to continue to use the proceeds from the above transactions primarily for general corporate purposes, which may include financing the Company’s growth, developing new or existing product candidates, and funding capital expenditures, acquisitions and investments. The Company currently anticipates that its cash and cash equivalents balances at December 31, 2016, are sufficient to fund its anticipated operating cash requirements for approximately the next 18 to 21 months.

 

Note 2 — Significant Accounting Policies 

 

Basis of Presentation

 

The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The Company has no subsidiaries.

  

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

 

Other Receivables – Related Party

 

Other receivables consist of amounts due to the Company from TGTX, a related party, and are recorded at the invoiced amount (see Note 3).

 

Research and Development Costs

 

Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third parties that perform research and development services on the Company’s behalf will be expensed as services are rendered or when the milestone is achieved.

 

Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies.

 

In accordance with Accounting Standards Codification (“ASC”) 730-10-25-1, Research and Development, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached commercial feasibility and has no alternative future use. Such licenses purchased by the Company require substantial completion of research and development, regulatory and marketing approval efforts in order to reach commercial feasibility and has no alternative future use.

 

 F-8 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Annual Equity Fee

 

Under the Founder’s Agreement with Checkpoint dated March 17, 2015, and amended and restated on July 11, 2016, Fortress is entitled to an annual equity fee on each anniversary of the Agreement equal to 2.5% of fully diluted outstanding equity, payable in Checkpoint common shares (“Annual Equity Fee”). The Annual Equity Fee was part of the consideration payable for formation of the Company, identification of certain assets, including the license contributed to Checkpoint by Fortress.

 

The Company records the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.  Contingent consideration is recorded when probable and reasonably estimable. The Company’s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company’s stage of development. Due to these uncertainties, the Company has concluded that it is unable to reasonably estimate the contingent consideration until shares are actually issued on March 17 of each year. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $3.9 million and $3.0 million in research and development expense and a credit to Common shares issuable - Founders Agreement during the years ended December 31, 2016 and 2015, respectively.

 

Stock-Based Compensation Expenses

 

The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as stock-based compensation expense in the period of change.

 

The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model or 409A valuations, as applicable. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. 

 

Fair Value Measurement

 

The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

 

The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:

 

Level 1: Quoted prices in active markets for identical assets or liabilities.

 

Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.

 

Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

 

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

Revenue Recognition

 

Collaborative Arrangements

 

The Company is paid by TGTX, a related party, a share of the cost of the license, development and future milestone payments that are payable under the agreements as described in Note 3. The gross amount of these payments are reported as revenue in the accompanying Statements of Operations. The Company acts as a principal, bears credit risk, obtains subcontractors and may perform part of the services required in the transactions. Consistent with ASC 605-45-15 these payments are treated as revenue to the Company. The actual expenses creating the payments by TGTX are reflected as research and development expenses.

 

The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.

 

 F-9 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

The Company follows ASC 605-25, Revenue Recognition - Multiple-Element Arrangements and ASC 808, Collaborative Arrangements, if applicable, to determine the recognition of revenue under our collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and/or (iv) participation on joint research and/or joint development committees. The payments we may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales.

 

ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable.

  

To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria.

 

If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the Balance Sheet and recognized as revenue in the Statements of Operations when the related revenue recognition criteria are met. See Note 3 for a description of the collaborative arrangement.

 

Revenue Recognition - Milestone Method

 

The Company follows ASC 605-28, Revenue Recognition-Milestone Method to evaluate whether each milestone under a license agreement is substantive. This evaluation includes an assessment of whether (i) the consideration is commensurate with either (a) the entity's performance to achieve the milestone, or (b) the enhancement of the value of the delivered item as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (ii) the consideration relates solely to past performance and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the preclinical, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. If a substantive milestone is achieved, the Company would recognize revenue related to the milestone in its entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met.  Commercial milestones would be accounted for as royalties and recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria were met.

 

Income Taxes

 

The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit.

 

The Company files a separate tax return under Subchapter C of the Internal Revenue Code. Prior to October 1, 2015, the Company was a subsidiary included in the consolidated tax return of Fortress. As a result of issuances of its common stock, the Company exited the consolidated tax group for federal and state income tax purposes. For financial reporting purposes, the Company calculated income tax provision and deferred income tax balances for the year ended December 31, 2015 as if it was a separate entity and had filed its own separate tax return under Subchapter C of the Internal Revenue Code.

 

 F-10 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Valuation of Warrant Related to NSC Note

 

In accordance with ASC 815, the Company classified the fair value of the warrant (“Contingently Issuable Warrants”) that may have been granted in connection with the promissory note through National Securities Corporation (the “NSC Note”) transferred to the Company in various tranches from March 19, 2015 to August 31, 2015 as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using an option pricing model (which approximates intrinsic value) with estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management’s estimate of the probability of issuance of the Contingently Issuable Warrants (see Note 9). At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company’s Statement of Operations.

  

Net Loss per Share

 

Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Since dividends are declared, paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. There are 2,533,063 shares of unvested restricted stock, 4,331,106 warrants and 60,000 options outstanding as of December 31, 2016, which are not included in the computation of net loss per share.

 

For the years ended December 31, 2016 and 2015, the Company had a net loss of $1.04 and $1.41 per share, respectively, on 21,544,205 and 9,855,668 weighted average common shares outstanding, respectively.

  

Recently Issued Accounting Standards 

 

In January 2017, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance.

 

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of this new pronouncement on its statements of cash flows.

  

In March 2016, the FASB issued ASU No. 2016-09 Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect this standard to have a material impact on our financial statements upon adoption.

 

In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” (“ASU 2016-08”). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. The amendments in ASU 2016-08 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of implementation and transition approach of ASU 2016-08 on its financial statements and related disclosures, including the impact the new ASU will have on its collaborative arrangements accounted for pursuant to ASC 808.

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its financial statements. Since the Company currently does not have any leases, it does not expect this guidance to have a material impact on its financial statements.

 

 F-11 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU No. 2015-17 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-03 and such adoption resulted in debt issuance costs presented as an offset against notes payable, long-term, in the accompanying balance sheet.

 

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that will require management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. The Company adopted ASU No. 2014-15 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP. The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will now be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements. When adopted, the Company does not expect this guidance to have a material impact on its financial statements.

 

Note 3 – License Agreements

 

Dana-Farber Cancer Institute

 

In March 2015, the Company entered into an exclusive license agreement with Dana-Farber to develop a portfolio of fully human immuno-oncology targeted antibodies. Under the terms of the agreement, Checkpoint paid Dana-Farber an up-front licensing fee of $1.0 million and, on May 11, 2015, the Company granted Dana-Farber 500,000 shares, valued at $32,500 or $0.065 per share. The agreement included an anti-dilution clause that maintained Dana-Farber’s ownership at 5% until such time that the Company raised $10 million in cash in exchange for common shares. Pursuant to this provision, on September 30, 2015, the Company granted to Dana-Farber an additional 136,830 shares of common stock valued at approximately $0.6 million and the anti-dilution clause thereafter expired. Dana-Farber is eligible to receive payments of up to an aggregate of approximately $21.5 million for each licensed product upon the Company’s successful achievement of certain clinical development, regulatory and first commercial sale milestones. In addition, Dana-Farber is eligible to receive up to an aggregate of $60.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales. Following the second anniversary of the effective date of the license agreement, Dana-Farber will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to Dana-Farber. The portfolio of antibodies licensed from Dana-Farber include antibodies targeting PD-L1, GITR and CAIX.

 

In connection with the license agreement with Dana-Farber, the Company entered into a collaboration agreement with TGTX, a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while the Company retains the right to develop and commercialize these antibodies in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress’ Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the collaboration agreement, TGTX paid the Company $0.5 million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $21.5 million for each product upon TGTX’s successful achievement of certain clinical development, regulatory and first commercial sale milestones. This is comprised of up to approximately $7.0 million upon TGTX’s successful completion of clinical development milestones, and up to approximately $14.5 million upon first commercial sales in specified territories. In addition, the Company is eligible to receive up to an aggregate of $60.0 million upon TGTX’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered high single digit percentage of net sales. Following the second anniversary of the effective date of the agreement, the Company will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to the Company. The Company recognized $42,000 and $0.5 million, respectively, for the years ended December 31, 2016 and 2015, in revenue from its collaboration agreement with TGTX in the Statements of Operations.

 

 F-12 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

NeuPharma, Inc.

 

In March 2015, Fortress entered into an exclusive license agreement with NeuPharma to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. On the same date, Fortress assigned all of its right and interest in the EGFR inhibitors to the Company. Under the terms of the license agreement, the Company paid NeuPharma an up-front licensing fee of $1.0 million, and NeuPharma is eligible to receive payments of up to an aggregate of approximately $40.0 million per licensed product upon the Company’s successful achievement of certain clinical development and regulatory milestones in up to three indications, of which $22.5 million are due upon various regulatory approvals to commercialize the products. In addition, NeuPharma is eligible to receive payments of up to an aggregate of $40.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered mid to high-single digit percentage of net sales.

 

In September 2016, the Company dosed the first patient in a Phase 1/2 clinical study of CK-101. Under the terms of the license agreement with NeuPharma, the Company expensed a non-refundable milestone payment of $1.0 million, which is included in the Statements of Operations for the year ended December 31, 2016.

 

In connection with the license agreement with NeuPharma, in March 2015, Fortress entered into an option agreement with TGTX, a related party, which agreement was assigned to the Company by Fortress on the same date, for a global collaboration of certain compounds licensed. The option agreement will expire on December 31, 2017, unless both parties agree to extend the option period.

 

Also in connection with the license agreement with NeuPharma, the Company entered into a Sponsored Research Agreement with NeuPharma for certain research and development activities. Effective January 11, 2016, TGTX agreed to assume all costs associated with this Sponsored Research Agreement and paid the Company for all amounts previously paid by the Company.  For the year ended December 31, 2016, the Company recognized approximately $1.0 million in revenue in connection with the Sponsored Research Agreement in the Statements of Operations. There was no related revenue recognized during 2015.

 

Teva Pharmaceutical Industries Ltd. (through its subsidiary, Cephalon, Inc.)

 

In December 2015, Fortress entered into a license agreement with Teva Pharmaceutical Industries Ltd. through its subsidiary, Cephalon, Inc. (“Cephalon”). This agreement was assigned to the Company by Fortress on the same date. Under the terms of the license agreement, Checkpoint obtained an exclusive, worldwide license to Cephalon’s patents relating to CEP-8983 and its small molecule prodrug, CEP-9722, a PARP inhibitor, which the Company now refers to as CK-102. The Company paid Cephalon an up-front licensing fee of $0.5 million. Cephalon is eligible to receive milestone payments of up to an aggregate of approximately $220.0 million upon the Company’s successful achievement of certain clinical development, regulatory approval and product sales milestones, of which approximately $206.5 million are due on or following regulatory approvals to commercialize the product. In addition, Cephalon is eligible to receive royalty payments based on a tiered low double digit percentage of net sales.

 

Jubilant Biosys Limited

 

In May 2016, the Company entered into a license agreement with Jubilant Biosys Limited (“Jubilant”), whereby the Company obtained an exclusive, worldwide license to Jubilant’s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. Under the terms of the agreement, the Company paid Jubilant an up-front licensing fee of $2.0 million, included in research and development expenses on the Company’s Statements of Operations for the year ended December 31, 2016, and Jubilant is eligible to receive payments up to an aggregate of approximately $89.0 million upon the Company’s successful achievement of certain preclinical, clinical development, and regulatory milestones, of which $59.5 million are due upon various regulatory approvals to commercialize the products. In addition, Jubilant is eligible to receive payments up to an aggregate of $89.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales.

 

 F-13 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

In connection with the license agreement with Jubilant, the Company entered into a sublicense agreement with TGTX, a related party, to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress’ Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the Sublicense Agreement, TGTX paid the Company $1.0 million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $87.5 million upon TGTX’s successful achievement of preclinical, clinical development, and regulatory milestones. This is comprised of up to approximately $0.3 million upon TGTX’s successful achievement of one preclinical milestone, up to approximately $25.5 million upon TGTX’s successful completion of three clinical development milestones for two licensed products, and up to approximately $61.7 million upon the achievement of five regulatory approvals and first commercial sales in specified territories for two licensed products. In addition, the Company is eligible to receive potential milestone payments up to an aggregate of $89.0 million upon TGTX’s successful achievement of three sales milestones based on aggregate net sales by TGTX, for two licensed products, in addition to royalty payments based on a mid-single digit percentage of net sales by TGTX. TGTX also pays the Company 50% of IND enabling costs and patent expenses. For the year ended December 31, 2016, the Company recognized $1.5 million in revenue related to the sublicense agreement in the Statements of Operations. There was no related revenue recognized during 2015.

  

Note 4 – Related Party Agreements

 

Founders Agreement and Management Services Agreement with Fortress

 

Effective March 17, 2015, the Company entered into a Founders Agreement with Fortress, which was amended and restated on July 11, 2016 (the “Founders Agreement”). The Founders Agreement provides, that in exchange for the time and capital expended in the formation of Checkpoint and the identification of specific assets the acquisition of which result in the formation of a viable emerging growth life science company, the Company assumed $2.8 million in debt that Fortress accumulated under the NSC Note (see Note 5) for expenses and costs of forming Checkpoint, and the Company shall also: (i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoint’s voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoint’s annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%). The Founders Agreement has a term of fifteen years, after which it automatically renews for one year periods unless Fortress gives the Company notice of termination. The Founders Agreement also will automatically terminate upon a change of control.

 

Effective March 17, 2015, the Company entered into a Management Services Agreement (the “MSA”) with Fortress. Pursuant to the terms of the MSA, for a period of five (5) years, Fortress will render advisory and consulting services to the Company. Services provided under the MSA may include, without limitation, (i) advice and assistance concerning any and all aspects of Checkpoint’s operations, clinical trials, financial planning and strategic transactions and financings and (ii) conducting relations on behalf of our Company with accountants, attorneys, financial advisors and other professionals (collectively, the “Services”). The Company is obligated to utilize clinical research services, medical education, communication and marketing services and investor relations/public relation services of companies or individuals designated by Fortress, provided those services are offered at market prices. However, the Company is not obligated to take or act upon any advice rendered from Fortress and Fortress shall not be liable for any of our actions or inactions based upon their advice. Fortress and its affiliates, including all members of its Board of Directors, have been contractually exempt from fiduciary duties to the Company relating to corporate opportunities. In consideration for the Services, the Company will pay Fortress an annual consulting fee of $0.5 million (the “Annual Consulting Fee”), payable in advance in equal quarterly installments on the first business day of each calendar quarter in each year, provided, however, that such Annual Consulting Fee shall be increased to $1.0 million for each calendar year in which the Company has net assets in excess of $100 million at the beginning of the calendar year. For the years ended December 31, 2016 and 2015, the Company recognized approximately $500,000 and $396,000, respectively in expense on its Statements of Operations related to the MSA.

 

Caribe BioAdvisors, LLC

 

In December 2016, the Company entered into an advisory agreement effective January 1, 2017 with Caribe BioAdvisors, LLC (“Caribe”), owned by Michael Weiss, to provide the advisory services of Mr. Weiss as Chairman of the Board. Pursuant to the agreement, Caribe will be paid an annual cash fee of $60,000, in addition to any and all annual equity incentive grants paid to members of the board.

 

 F-14 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Note 5 – Notes Payable

 

NSC Note

 

In March 2015, Fortress closed the private placement of a promissory note for $10 million through National Securities Corporation (“NSC”) and used the proceeds to acquire medical technologies and products. NSC, a wholly owned subsidiary of National Holdings, Inc., acted as the sole placement agent for the NSC Note. The NSC Note allowed Fortress to transfer a portion of the proceeds from the NSC Note to the Company pursuant to which the Company executed an identical NSC Note in favor of NSC. Accordingly, the Company assumed $2.8 million under the NSC Note as part of the Founders Agreement (see Note 4) and issued NSC 139,592 warrants to purchase its common stock, which was equal to twenty-five percent (25%) of the amount of NSC Note proceeds the Company received from Fortress divided by the lowest price at which the Company next sold common stock. The warrant issued has a term of 10 years and an exercise price equal to the par value of the Company’s common stock. In February 2016, the Company paid NSC $2.8 million representing repayment of the assumed NSC Note principal and accrued interest as of the date of payment. Approximately $324,000 of unamortized debt discount was accelerated into interest expense upon payment.

 

As of December 31, 2016, the Company’s portion of the NSC Note was $0. For the years ended December 31, 2016 and 2015, the Company recorded costs of approximately $324,000 and $89,000, respectively, related to the amortization of the debt discount and $20,000 and $146,000, respectively of interest expense at 8%, both recorded in interest expense in the Statements of Operations.

 

The following table summarizes the Company’s Amended NSC Note activities as of December 31, 2016 ($ in thousands).

 

   NSC Note Payable   Discount   NSC Note Payable, Net 
December 31, 2015 balance  $2,792   $(324)  $2,468 
Payment of NSC debt   (2,792)   -    (2,792)
Amortization of debt discount   -    324    324 
December 31, 2016 balance  $-   $-   $- 

 

Note 6 – Commitments and Contingencies

 

Leases

 

The Company is not a party to any leases for office space or equipment.

  

License Agreements

 

The Company has undertaken to make contingent milestone payments to the licensors of its portfolio of product candidates. In addition, the Company would pay royalties to such licensors based on a percentage of net sales of each product candidate following regulatory marketing approval (See Note 3).

 

Litigation

 

The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not determinable, then the Company accrues the minimum of the range of probable loss. As of December 31, 2016, there was no litigation against the Company.

 

Note 7 - Stockholders’ Equity

 

Common Stock 

 

The Company is authorized to issue 50,000,000 common shares with a par value of $0.0001 per share, of which 15,000,000 shares are designated as “Class A common stock”. As of December 31, 2016, there were 7,000,000 shares of Class A common stock issued and outstanding to Fortress. Dividends are to be distributed pro-rata to the Class A and common stock holders. The holders of common stock are entitled to one vote per share of common stock held. The Class A common stock holders are entitled to a number of votes per share equal to 1.1 times a fraction the numerator of which is the sum of the shares of outstanding common stock and the denominator of which is the number of shares of Class A common stock. Accordingly, the holder of shares of Class A common stock will be able to control or significantly influence all matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other business combination transactions. Each share of Class A common stock is convertible, at the option of the holder thereof, into one (1) fully paid and non-assessable share of common stock subject to adjustment for stock splits and combinations.

 

Offerings of Common Stock and Warrants

 

In December 2015, the Company closed on gross proceeds of $57.8 million, before commissions and expenses, in a series of private placement financings. Net proceeds from this offering were approximately $51.5 million. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 2,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $50,000 per unit. The warrants have a five-year term and are only exercisable for cash. 

 

 F-15 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

In February 2016, the Company closed on proceeds of $0.6 million in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 3,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $45,000 per unit. The warrants have a five-year term and are only exercisable for cash. The Company issued 126,640 unregistered shares of common stock and 44,324 warrants in connection with this transaction. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, which included the payment of fees and issuance of warrants to a placement agent.

 

Pursuant to the Founders Agreement, the Company issued 3,166 shares to Fortress, representing 2.5% of the aggregate number of shares of common stock issued in the offering noted above. For the year ended December 31, 2016, the Company recorded expense of approximately $14,000, related to this stock grant, which is included in general and administrative expenses in the Company's Statements of Operations.

 

Also pursuant to the Founders Agreement, the Company issued 721,699 and 688,755 shares of common stock to Fortress, representing 2.5% of the fully-diluted outstanding equity of Checkpoint, on March 17, 2017 and 2016, respectively (see Note 4). The Company recorded the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.  Contingent consideration is recorded when probable and reasonably estimable. The Company’s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company’s stage of development. Due to these uncertainties, the Company concluded that it could not reasonably estimate the contingent consideration until shares were actually issued on March 17. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $3.9 million and $3.0 million in research and development expenses during the years ended December 31, 2016 and 2015, respectively.

  

Equity Incentive Plan

 

The Company has in effect the Amended and Restated 2015 Incentive Plan (“2015 Incentive Plan’). The 2015 Incentive Plan was adopted in March 2015 by our stockholders. Under the 2015 Incentive Plan, the compensation committee of the Company’s board of directors is authorized to grant stock-based awards to directors, officers, employees and consultants. The plan authorizes grants to issue up to 2,000,000 shares of authorized but unissued common stock and expires 10 years from adoption and limits the term of each option to no more than 10 years from the date of grant.

 

Total shares available for the issuance of stock-based awards under the Company’s 2015 Incentive Plan was 321,000 shares at December 31, 2016.

 

Restricted Stock

 

In March 2015, the Company issued a restricted stock grant to Dr. Marasco for services in connection with its Scientific Advisory Board. Dr. Marasco was issued a grant for 1.5 million shares of common stock, which vested 25% on the first anniversary of the grant date and monthly thereafter for 48 months. The Company valued the restricted stock utilizing a discounted cash flow model to determine the weighted market value of invested capital, discounted by a lack of marketability of 44.8% and a weighted average cost of capital of 30%, resulting in a value of $0.065 per share on grant date. At December 31, 2015, the Company re-measured this non-employee restricted stock utilizing a market approach, based upon a third party financing. Such valuation resulted in a value of $4.39 per share utilizing a volatility of 83%, a risk free rate of return of 1.5% and a term of five years. At December 31, 2016, the Company re-measured this non-employee restricted stock utilizing a market approach, based primarily upon a third party financing. Such valuation resulted in a value of $5.43 per share utilizing a volatility of 80%, a risk free rate of return of 2.10% and a term of five years. For the years ended December 31, 2016 and 2015, in connection with this grant, the Company recorded expense of $2.5 million and $3.0 million, respectively, in research and development expenses on the Company’s Statements of Operations.

 

Certain employees and directors have been awarded restricted stock under the 2015 Incentive Plan. The Company incurred approximately $1.3 million and $0.3 million, respectively, related to stock-based compensation expense for the years ended December 31, 2016 and 2015, which is included in general and administrative expenses on the Company’s Statements of Operations. The Company incurred approximately $58,000 related to stock-based compensation expense for the year ended December 31, 2016, which is included in research and development expenses on the Company’s Statements of Operations There were no related expense recognized during the same period in 2015.

  

 F-16 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

The following table summarizes restricted stock award activity for the year ended December 31, 2016.

 

   Number of Units   Weighted Average
Grant Date Fair
Value		 
Nonvested at December 31, 2015   2,500,000   $1.73 
Granted   619,000    5.03 
Vested   (585,937)   0.07 
Nonvested at December 31, 2016   2,533,063   $2.93 

 

As of December 31, 2016, there was $4.3 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over weighted-average period of 1.8 years. This amount does not include 333,334 shares of restricted stock outstanding as of December 31, 2016 which are performance-based and vest upon achievement of certain corporate milestones. Stock-based compensation for these awards will be measured and recorded if and when it is probable that the milestone will be achieved.

 

Stock Options

 

During 2016, 60,000 stock options were granted to a consultant under the 2015 Incentive Plan with a $5.43 exercise price and a ten-year life. The stock options were valued using a Black-Scholes model with the following assumptions; volatility of 100.65%, risk free rate of 2.6% and effective life of 10 years.

 

The following table summarizes stock option award activity for the year ended December 31, 2016.

 

   Stock Options   Weighted Average
Exercise Price		   Weighted Average
Remaining Contractual
Life (in years)		 
Outstanding as of December 31, 2015   -   $-    - 
Granted   60,000    5.43      
Outstanding as of December 31, 2016   60,000   $5.43    9.96 

 

The weighted average remaining amortization period is approximately 10.0 years at December 31, 2016.

  

Warrants

 

A summary of warrant activities for year ended December 31, 2016 is presented below:

 

   Warrants   Weighted Average
Exercise Price		   Weighted Average
Remaining Contractual
Life (in years)		 
Outstanding as of December 31, 2015   4,286,782   $6.61    5.68 
Granted   44,324    7.00      
Outstanding as of December 31, 2016   4,331,106   $6.62    4.67 

 

Upon the exercise of warrants, the Company will issue new shares of its common stock.

  

 F-17 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Stock-Based Compensation

 

The following table summarizes stock-based compensation expense for the years ended December 31, 2016 and 2015 ($ in thousands).

 

   Year Ended December 31, 
   2016   2015 
Research and development  $2,557   $2,987 
General and administrative   1,310    265 
Total stock-based compensation expense  $3,867   $3,252 

 

Note 8 - Income Taxes

 

The Company has accumulated net losses since inception and has not recorded an income tax provision or benefit during the years ended December 31, 2016 and 2015.

 

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

 

   For the years ended December 31, 
   2016   2015 
         
Statutory federal income tax rate   35%   35%
State taxes, net of federal tax benefit   1%   5%
Annual equity fee   -    (9)%
Credits   3%   1%
Rate change   (2)%   - 
Provision to return   5%   - 
Stock based compensation shortfall   (4)%   - 
Other   (2)%   - 
Change in valuation allowance   (36)%   (32)%
Income taxes provision (benefit)   -    - 

 

The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):

 

   As of December 31, 
   2016   2015 
         
Deferred tax assets:          
Net operating loss carryovers  $5,148   $1,657 
Stock compensation and other   1,624    1,299 
Change in fair value of warrant liabilities   157    175 
Amortization of license   4,656    1,210 
Accruals and reserves   25    - 
Tax credits   733    115 
Start Up Costs   54    - 
Total deferred tax assets   12,397    4,456 
Less valuation allowance   (12,397)   (4,456)
Deferred tax asset, net of valuation allowance  $-   $- 

 

 F-18 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

The Company has determined, based upon available evidence, that it is more likely than not that the net deferred tax asset will not be realized and, accordingly, has provided a full valuation allowance against its net deferred tax asset. A valuation allowance of approximately $12.4 million and $4.5 million was recorded for the years ended December 31, 2016 and 2015, respectively.

 

As of December 31, 2016, the Company had federal and state net operating loss carryforwards of approximately $14.3 million and $3.0 million, respectively. The federal and state net operating loss carryforwards will begin to expire, if not utilized, by 2035 and 2025, respectively. Utilization of the net operating loss carryforward may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended and similar state provisions. In December 2015, the Company experienced an ownership change as a result of an issuance of its common stock. Utilization of the Company’s net operating loss may be subject to substantial limitation.

 

There are no significant matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return, in accordance with ASC 740 “Income Taxes” (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements, that have been recorded on the Company’s financial statements for the year ended December 31, 2016. The Company does not anticipate a material change to unrecognized tax benefits in the next twelve months.

 

Additionally, ASC 740 provides guidance on the recognition of interest and penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the period ended December 31, 2016.

 

The federal and state tax returns for the periods ended December 31, 2016 and 2015 are currently open for examination under the applicable federal and state income tax statues of limitations.

 

Note 9 - Fair Value Measurement

 

Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

The following table sets forth the changes in the estimated fair value for Level 3 classified derivative contingently issuable warrant liability at December 31, 2015 (in thousands):

 

   Contingently
Issuable
Warrants		 
Fair value, January 1, 2015  $- 
Additions   175 
Change in fair value   438 
Issuance of Warrants (October 30, 2015)   (613)
Fair value, December 31, 2015  $- 

 

The fair value of the Contingently Issuable Warrants was determined at various issuance dates from March 19, 2015 to August 31, 2015 (“Issuance Dates”) for $0.2 million and on October 30, 2015 for $0.6 million by applying management’s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model with the following key assumptions:

 

   Issuance Dates   October 30,
2015		 
Risk-free Interest rate   2.26%   2.16%
Expected dividend yield   -    - 
Expected term in years   10.00    10.00 
Expected volatility   83%   100.86%
Probability of issuance of the warrant   25%   100%

 

 F-19 

 

 

CHECKPOINT THERAPEUTICS, INC.

Notes to Financial Statements

 

Note 10 – Accounts Payable and Accrued Expenses

 

At December 31, 2016 and 2015, accounts payable and accrued expenses consisted of the following:

 

   Year Ended December 31, 
   2016   2015 
Accounts payable  $2,473   $917 
Accrued compensation   291    43 
Research and development   378    262 
Other   213    66 
Accounts payable and accrued expenses - related party   318    502 
Total accounts payable and accrued expenses  $3,673   $1,790 

 

Note 11 – Quarterly Financial Data (Unaudited)

 

(in thousands, except per share data)  First Quarter   Second Quarter   Third Quarter   Fourth Quarter 
2016                    
Total Revenue  $277   $1,249   $546   $498 
Operating expenses  $3,549   $6,667   $5,685   $8,833 
Other income/(expense)  $(333)  $13   $11   $12 
Net loss  $(3,605)  $(5,405)  $(5,128)  $(8,323)
Basic and diluted net loss per common share  $(0.17)  $(0.25)  $(0.24)  $(0.38)
                     
2015                    
Total Revenue  $500   $-   $25   $65 
Operating expenses  $2,117   $475   $3,704   $7,515 
Other income/(expense)  $-   $-   $(70)  $(601)
Net loss  $(1,617)  $(475)  $(3,749)  $(8,051)
Basic and diluted net loss per common share  $(0.20)  $(0.06)  $(0.44)  $(0.55)

 

 F-20 

 

 

SIGNATURES

 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Checkpoint Therapeutics, Inc.
     
  By: /s/ James F. Oliviero
    Name: James F. Oliviero
    Title: President and Chief Executive Officer
     
    March 21, 2017

 

 

 EX-31.1 2 v462321_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

 

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, James F. Oliviero certify that:

 

(1) I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2016 of Checkpoint Therapeutics, Inc. (the registrant);

 

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

 

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

 

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: March 21, 2017   By: /s/ James F. Oliviero
      James F. Oliviero
     

President and Chief Executive Officer

Principal Executive Officer  

 

 

 EX-31.2 3 v462321_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

 

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 

 

I, Garrett Gray, certify that:

 

(1) I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2016 of Checkpoint Therapeutics, Inc. (the registrant);

 

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: March 21, 2017   By: /s/ Garrett Gray 
      Garrett Gray 
     

Vice President, Finance and Accounting

Principal Financial Officer

 

 

 EX-32.1 4 v462321_ex32-1.htm EXHIBIT 32.1

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

  

AS ADOPTED PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  

In connection with the Annual Report on Form 10-K/A of Checkpoint Therapeutics, Inc. (the “Company”) for the period ended December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James F. Oliviero, President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Report.

 

Dated: March 21, 2017   By: /s/ James F. Oliviero
      James F. Oliviero
     

President and Chief Executive Officer  

Principal Executive Officer

 

 

 EX-32.2 5 v462321_ex32-2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

AS ADOPTED PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report on Form 10-K/A of Checkpoint Therapeutics, Inc. (the “Company”) for the period ended December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Garrett Gray, Principal Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company, as of, and for, the periods presented in the Report.

 

Dated: March 21, 2017   By: /s/ Garrett Gray  
      Garrett Gray  
     

Vice President, Finance and Accounting

Principal Financial Officer

 

 

 EX-101.INS 6 ck0001651407-20161231.xml XBRL INSTANCE DOCUMENT 0001651407 2015-01-01 2015-03-31 0001651407 2015-01-01 2015-12-31 0001651407 2016-01-01 2016-03-31 0001651407 2016-01-01 2016-12-31 0001651407 2016-02-29 0001651407 2015-03-01 2015-03-17 0001651407 2015-03-17 0001651407 2015-03-19 2015-08-31 0001651407 2015-04-01 2015-06-30 0001651407 2016-04-01 2016-06-30 0001651407 2016-06-30 0001651407 2015-07-01 2015-09-30 0001651407 2016-07-01 2016-09-30 0001651407 2015-10-01 2015-10-30 0001651407 2015-10-01 2015-12-31 0001651407 2016-10-01 2016-12-31 0001651407 2014-11-10 2014-12-31 0001651407 2015-12-31 0001651407 2016-12-31 0001651407 2014-12-31 0001651407 2014-11-09 0001651407 us-gaap:CommonClassAMember 2016-12-31 0001651407 us-gaap:CommonClassAMember 2015-12-31 0001651407 us-gaap:CommonClassAMember 2016-01-01 2016-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2016-01-01 2016-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-12-31 0001651407 us-gaap:RetainedEarningsMember 2016-01-01 2016-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2016-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001651407 us-gaap:RetainedEarningsMember 2016-12-31 0001651407 us-gaap:CommonStockMember 2016-01-01 2016-12-31 0001651407 us-gaap:CommonStockMember 2016-12-31 0001651407 ck0001651407:OpusPointHealthcareFundGpLlcMember 2016-02-01 2016-02-23 0001651407 ck0001651407:OpusPointHealthcareFundGpLlcMember 2016-02-23 0001651407 us-gaap:ResearchAndDevelopmentExpenseMember 2016-01-01 2016-12-31 0001651407 us-gaap:RestrictedStockMember 2016-01-01 2016-12-31 0001651407 us-gaap:WarrantMember 2016-01-01 2016-12-31 0001651407 ck0001651407:DanaFarberCancerInstituteMember 2015-05-01 2015-05-31 0001651407 ck0001651407:DanaFarberCancerInstituteMember 2015-05-31 0001651407 ck0001651407:DanaFarberCancerInstituteMember 2015-09-01 2015-09-30 0001651407 ck0001651407:FirstCommercialSaleMilestoneMember ck0001651407:DanaFarberCancerInstituteMember 2016-12-31 0001651407 ck0001651407:ClinicalDevelopmentMilestoneMember ck0001651407:CollaborationAgreementWithTgtxMember 2016-12-31 0001651407 ck0001651407:CommercialSalesInSpecifiedTerritoriesMember ck0001651407:CollaborationAgreementWithTgtxMember 2016-12-31 0001651407 ck0001651407:AdditionalSalesMilestoneMember ck0001651407:DanaFarberCancerInstituteMember 2016-12-31 0001651407 ck0001651407:CollaborationAgreementWithTgtxMember 2015-01-01 2015-12-31 0001651407 ck0001651407:CollaborationAgreementWithTgtxMember 2016-01-01 2016-12-31 0001651407 ck0001651407:NeupharmaMember 2015-03-01 2015-03-31 0001651407 ck0001651407:NeupharmaMember 2016-01-01 2016-12-31 0001651407 ck0001651407:TevaPharmaceuticalIndustriesLtdMember 2016-01-01 2016-12-31 0001651407 ck0001651407:TevaPharmaceuticalIndustriesLtdMember ck0001651407:RegulatoryApprovalsToCommercializeProductsMember 2016-01-01 2016-12-31 0001651407 ck0001651407:TevaPharmaceuticalIndustriesLtdMember ck0001651407:ClinicalDevelopmentMilestoneMember 2016-01-01 2016-12-31 0001651407 ck0001651407:JubilantBiosysLtdMember 2016-05-01 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:SuccessfulAchievementOfOnePreclinicalMilestoneMember 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:CompletionOfThreeClinicalDevelopmentMilestonesForTwoLicensedProductsMember 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:ThreeSalesMilestonesBasedOnAggregateNetSalesMember 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:RegulatoryApprovalsToCommercializeProductsMember 2016-05-01 2016-05-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:SaleMillstoneMember 2016-05-01 2016-05-31 0001651407 ck0001651407:ManagementServicesAgreementMember 2016-01-01 2016-12-31 0001651407 ck0001651407:ManagementServicesAgreementMember 2015-01-01 2015-12-31 0001651407 ck0001651407:ManagementServicesAgreementMember 2015-03-01 2015-03-17 0001651407 ck0001651407:ManagementServicesAgreementMember 2015-03-17 0001651407 ck0001651407:FortressBiotechIncMember ck0001651407:FoundersAgreementMember 2015-03-17 0001651407 ck0001651407:NscNoteMember 2015-03-01 2015-03-31 0001651407 ck0001651407:NscNoteMember 2015-03-31 0001651407 ck0001651407:NscNoteMember 2016-02-01 2016-02-29 0001651407 ck0001651407:NscNoteMember ck0001651407:FortressBiotechIncMember 2015-03-31 0001651407 ck0001651407:NscNoteMember 2016-01-01 2016-12-31 0001651407 ck0001651407:NscNoteMember 2015-01-01 2015-12-31 0001651407 ck0001651407:NscNoteMember 2016-12-31 0001651407 ck0001651407:NscNoteMember 2015-12-31 0001651407 ck0001651407:OpusPointHealthcareFundGpLlcMember 2016-02-01 2016-02-29 0001651407 ck0001651407:OpusPointHealthcareFundGpLlcMember 2016-02-29 0001651407 ck0001651407:FortressBiotechIncMember 2016-02-01 2016-02-29 0001651407 ck0001651407:FortressBiotechIncMember 2016-01-01 2016-12-31 0001651407 ck0001651407:FortressBiotechIncMember 2016-03-01 2016-03-17 0001651407 ck0001651407:DrMarascoMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2015-03-01 2015-03-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2015-03-01 2015-03-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2015-03-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2015-12-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2015-01-01 2015-12-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2016-12-31 0001651407 us-gaap:RestrictedStockMember ck0001651407:MarketApproachValuationMethodMember 2016-01-01 2016-12-31 0001651407 us-gaap:ResearchAndDevelopmentExpenseMember ck0001651407:GrantMember 2016-01-01 2016-12-31 0001651407 us-gaap:ResearchAndDevelopmentExpenseMember ck0001651407:GrantMember 2015-01-01 2015-12-31 0001651407 us-gaap:GeneralAndAdministrativeExpenseMember 2016-01-01 2016-12-31 0001651407 us-gaap:GeneralAndAdministrativeExpenseMember 2015-01-01 2015-12-31 0001651407 us-gaap:RestrictedStockMember 2015-12-31 0001651407 us-gaap:RestrictedStockMember 2016-12-31 0001651407 ck0001651407:NonvestedResrictedStockMember 2016-01-01 2016-12-31 0001651407 us-gaap:PerformanceSharesMember 2016-12-31 0001651407 us-gaap:ResearchAndDevelopmentExpenseMember 2015-01-01 2015-12-31 0001651407 us-gaap:CommonClassAMember 2015-01-01 2015-12-31 0001651407 us-gaap:CommonStockMember 2015-01-01 2015-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2015-01-01 2015-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-12-31 0001651407 us-gaap:RetainedEarningsMember 2015-01-01 2015-12-31 0001651407 us-gaap:CommonStockMember 2015-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2015-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001651407 us-gaap:RetainedEarningsMember 2015-12-31 0001651407 ck0001651407:PlacementAgencyAgreementOfferingMember 2015-09-17 2015-09-18 0001651407 ck0001651407:PlacementAgencyAgreementOfferingMember 2015-09-18 0001651407 us-gaap:WarrantMember 2016-01-01 2016-12-31 0001651407 us-gaap:WarrantMember 2016-12-31 0001651407 us-gaap:WarrantMember 2015-12-31 0001651407 us-gaap:WarrantMember 2015-01-01 2015-12-31 0001651407 ck0001651407:TwoThousandFifteenincentivePlanMember 2016-01-01 2016-12-31 0001651407 ck0001651407:TwoThousandFifteenincentivePlanMember 2016-12-31 0001651407 ck0001651407:ConsultantMember 2016-01-01 2016-12-31 0001651407 us-gaap:DomesticCountryMember 2016-12-31 0001651407 us-gaap:StateAndLocalJurisdictionMember 2016-12-31 0001651407 us-gaap:DomesticCountryMember 2016-01-01 2016-12-31 0001651407 us-gaap:StateAndLocalJurisdictionMember 2016-01-01 2016-12-31 0001651407 ck0001651407:CheckpointTherapeuticsIncMember 2016-01-01 2016-12-31 0001651407 us-gaap:WarrantMember ck0001651407:CheckpointTherapeuticsIncMember 2014-12-31 0001651407 us-gaap:WarrantMember ck0001651407:CheckpointTherapeuticsIncMember 2015-01-01 2015-12-31 0001651407 us-gaap:WarrantMember ck0001651407:CheckpointTherapeuticsIncMember 2015-10-01 2015-10-30 0001651407 us-gaap:WarrantMember ck0001651407:CheckpointTherapeuticsIncMember 2015-12-31 0001651407 ck0001651407:CheckpointTherapeuticsIncMember us-gaap:WarrantMember 2015-03-19 2015-08-31 0001651407 ck0001651407:DanaFarberCancerInstituteMember 2015-03-01 2015-03-31 0001651407 us-gaap:CommonClassAMember 2017-03-06 0001651407 us-gaap:CommonStockMember 2017-03-06 0001651407 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-12-31 0001651407 ck0001651407:CaribeBoiadvisorsLlcMember 2016-12-01 2016-12-31 0001651407 us-gaap:PrivatePlacementMember 2015-12-01 2015-12-31 0001651407 us-gaap:PrivatePlacementMember 2015-12-31 0001651407 ck0001651407:NeupharmaMember ck0001651407:ClinicalDevelopmentMilestoneMember 2016-12-31 0001651407 ck0001651407:NeupharmaMember ck0001651407:AdditionalSalesMilestoneMember 2016-12-31 0001651407 ck0001651407:NeupharmaMember ck0001651407:RegulatoryApprovalsToCommercializeProductsMember 2016-12-31 0001651407 ck0001651407:ClinicalDevelopmentMilestoneMember ck0001651407:JubilantBiosysLtdMember 2016-12-31 0001651407 ck0001651407:JubilantBiosysLtdMember ck0001651407:FiveRegulatoryApprovalsAndFirstCommercialSalesMember 2016-05-31 0001651407 us-gaap:CommonClassAMember 2014-12-31 0001651407 us-gaap:CommonStockMember 2014-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2014-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001651407 us-gaap:RetainedEarningsMember 2014-12-31 0001651407 ck0001651407:FortressBiotechIncMember us-gaap:SubsequentEventMember 2017-03-01 2017-03-17 0001651407 ck0001651407:JubilantBiosysLtdMember 2016-01-01 2016-12-31 0001651407 us-gaap:CommonClassAMember 2014-11-10 2014-12-31 0001651407 us-gaap:CommonStockMember 2014-11-10 2014-12-31 0001651407 ck0001651407:CommonStockIssuableMember 2014-11-10 2014-12-31 0001651407 us-gaap:AdditionalPaidInCapitalMember 2014-11-10 2014-12-31 0001651407 us-gaap:RetainedEarningsMember 2014-11-10 2014-12-31 0001651407 us-gaap:CommonStockMember 2014-11-09 0001651407 ck0001651407:FortressBiotechIncMember 2016-02-29 0001651407 ck0001651407:FortressBiotechIncMember 2016-03-17 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 35086000 50418000 71000 171000 821000 65000 35978000 50654000 35978000 50654000 3355000 1288000 318000 502000 3673000 1790000 0 2468000 3673000 4258000 64736000 57262000 -36353000 -13892000 32305000 46396000 35978000 50654000 2000 1000 1000 1000 3919000 3024000 2570000 590000 20267000 11323000 4467000 2488000 24734000 13811000 -22164000 -13221000 47000 2000 344000 235000 -297000 -671000 -22461000 -13892000 -1.04 -1.41 21544205 9855668 0 570000 0 0 570000 0 0 14000 0 -3024000 3037000 0 0 0 0 -22461000 7000000 1000 3919000 64736000 -36353000 126640 0 691921 1000 0 17426876 2000 3867000 3252000 14000 1269000 0 633000 324000 89000 3160000 2525000 -100000 171000 756000 65000 1883000 1790000 -9950000 -1108000 -3160000 -2525000 0 2554000 2792000 0 570000 51496000 -2222000 54051000 -15332000 50418000 0 20000 56000 600000 10000 3500 7.00 45000 0.025 3900000 2533063 4331106 500000 32500 0.065 0.05 10000000 136830 600000 21500000 7000000 14500000 60000000 21500000 60000000 500000 42000 1000000 1000000 500000 220000000 206500000 2000000 1000000 87500000 300000 25500000 89000000 59500000 89000000 0.5 500000 396000 500000 1000000 100000000 2800000 P10Y 139592 0.25 2800000 2800000 324000 10000000 20000 146000 0.08 0 89000 2792000 2792000 -324000 324000 0 2468000 2792000 324000 0 50000000 0.0001 15000000 7000000 600000 3500 7.00 126640 44324 3166 14000 688755 10000 45000 P48M 0.448 0.3 0.065 4.39 0.83 0.015 5.43 0.8 0.0210 2500000 3000000 0.25 1500000 1300000 300000 58000 2500000 1.73 619000 585937 2533063 5.03 0.07 2.93 P1Y9M18D 4300000 333334 3252000 3867000 2987000 265000 2557000 1310000 10-K true 2016-12-31 2016 FY Checkpoint Therapeutics, Inc. 0001651407 --12-31 No No Yes Non-accelerated Filer 0 0 324000 0.0001 17426876 15989315 15989315 17426876 50000000 7000000 7000000 7000000 721699 688755 438000 0 0 0 0 0 -13892000 1000 1000 3024000 57262000 -13892000 7000000 15989315 1269000 0 0 0 1269000 0 0 289085 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Note 1 &#151; Organization, Plan of Business Operations</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 16.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Checkpoint Therapeutics, Inc. (the &#8220;Company&#8221; or &#8220;Checkpoint&#8221;) was incorporated in Delaware on November 10, 2014. Checkpoint is an immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel, non-chemotherapy, immune-enhanced combination treatments for patients with solid tumor cancers. The Company may acquire rights to these technologies by licensing the rights or otherwise acquiring an ownership interest in the technologies, funding their research and development and eventually either out-licensing or bringing the technologies to market. The Company may also enter into collaboration agreements with third and related parties including sponsored research agreements to develop these technologies for liquid tumors while retaining the rights in solid tumors.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company is a majority controlled subsidiary of Fortress Biotech, Inc. (&#8220;Fortress&#8221;).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s common stock is quoted on the OTCQX market and trades under the symbol &#8220;CKPT.&#8221;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></b> <font style="FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Portfolio of Immuno-Oncology and Anti-Cancer Agents</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, Checkpoint entered into a license agreement with Dana-Farber Cancer Institute (&#8220;Dana-Farber&#8221;) for an exclusive, worldwide license to a portfolio of antibodies targeting programmed cell death ligand 1 (&#8220;PD-L1&#8221;), glucocorticoid-induced TNFR-related protein (&#8220;GITR&#8221;) and carbonic anhydrase IX (&#8220;CAIX&#8221;). These antibodies are currently in preclinical development. Checkpoint plans to develop these novel immuno-oncology and checkpoint inhibitor antibodies on their own and in combination with each other, as published literature suggests that combinations of these targets can work synergistically together. The Company expects to submit an investigational new drug (&#8220;IND&#8221;) application for its anti-PD-L1 antibody in 2017, and for its anti-GITR and anti-CAIX antibodies in 2018 (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In connection with the license agreement with Dana-Farber, Checkpoint entered into a Global Collaboration Agreement with TG Therapeutics, Inc. (&#8220;TGTX&#8221;), a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while Checkpoint retains the right to develop and commercialize these antibodies in the field of solid tumors (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, Fortress entered into an exclusive license agreement with NeuPharma, Inc. (&#8220;NeuPharma&#8221;) to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. This license was assigned by Fortress to the Company effective March 17, 2015 pursuant to the terms of an Assignment and Assumption Agreement. In August 2016, the Company filed an IND application with the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for CK-101, which was approved by the FDA, and in September 2016 the Company dosed the first patient in a Phase 1/2 clinical trial (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In December 2015, Fortress licensed the exclusive worldwide rights to develop and commercialize CK-102 (formerly CEP-9722), a poly (ADP-ribose) polymerase (&#8220;PARP&#8221;) inhibitor, from Teva Pharmaceutical Industries Ltd., through its subsidiary, Cephalon, Inc. CK-102 is an oral, small molecule selective inhibitor of PARP-1 and PARP-2 enzymes in early clinical development for solid tumors. This license was assigned by Fortress to the Company effective December 18, 2015 pursuant to the terms of an Assignment and Assumption Agreement. Checkpoint plans to develop CK-102 as both a monotherapy and in combination with other anti-cancer agents, including the Company&#8217;s novel immuno-oncology and checkpoint inhibitor antibodies currently in development. The Company plans to evaluate a reformulation of the CK-102 drug product to improve its bioavailability prior to commencing a clinical program (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2016, Checkpoint entered into a license agreement with Jubilant Biosys Limited (&#8220;Jubilant&#8221;) for an exclusive, worldwide license to Jubilant&#8217;s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. CK-103 is currently in preclinical development. The Company plans to complete the required chemistry, manufacturing and control, pharmacology and toxicology activities to support an IND application to the FDA in 2017 (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In connection with the license agreement with Jubilant, the Company entered into a Sublicense Agreement with TGTX to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors (see Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Liquidity and Capital Resources</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has incurred substantial operating losses since its inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of December 31, 2016, the Company had an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">36.4</font> million.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On September 18, 2015, the Company entered into a placement agency agreement (the &#8220;Placement Agency Agreement&#8221;) with National Securities Corporation (the &#8220;Placement Agent&#8221;) relating to the Company&#8217;s offering, issuance and sale (the &#8220;Offering&#8221;) to select institutional investors (the &#8220;Investors&#8221;) of units consisting of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares of the Company&#8217;s common stock, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.0001</font> par value per share (the &#8220;Common Stock&#8221;), and warrants (the &#8220;Warrants&#8221;) exercisable for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,500</font> shares of Common Stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.00</font> per share, for a purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">50,000</font> per unit. The warrants have a five-year term and are only exercisable for cash. The Offering closed on December 18, 2015. The net proceeds to the Company from the Offering, after deducting Placement Agent fees and the Company&#8217;s offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51.5</font> million.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On February 23, 2016, the Company closed on gross proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million,&#160;in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares of common stock and a warrant exercisable for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,500</font> shares of common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.00</font> per share, for a purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45,000</font> per unit. The warrants have a five-year term and are only exercisable for cash. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, noted above, which included the payment of fees and issuance of warrants to a placement agent (see Note 7).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company expects to continue to use the proceeds from the above transactions primarily for general corporate purposes, which may include financing the Company&#8217;s growth, developing new or existing product candidates, and funding capital expenditures, acquisitions and investments. The Company currently anticipates that its cash and cash equivalents balances at December 31, 2016, are sufficient to fund its anticipated operating cash requirements for approximately the next 18 to 21 months.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Basis of Presentation</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and include all adjustments necessary for the fair presentation of the Company&#8217;s financial position for the periods presented. The Company has no subsidiaries.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Cash and Cash Equivalents</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Other Receivables &#150; Related Party</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Other receivables consist of amounts due to the Company from TGTX, a related party, and are recorded at the invoiced amount (see Note 3).</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Research and Development Costs</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third parties that perform research and development services on the Company&#8217;s behalf will be expensed as services are rendered or when the milestone is achieved.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 730-10-25-1, <i>Research and Development</i>, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached commercial feasibility and has no alternative future use. Such licenses purchased by the Company require substantial completion of research and development, regulatory and marketing approval efforts in order to reach commercial feasibility and has no alternative future use.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Annual Equity Fee</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Under the Founder&#8217;s Agreement with Checkpoint dated March 17, 2015, and amended and restated on July 11, 2016, Fortress is entitled to an annual equity fee on each anniversary of the Agreement equal to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.5</font>% of fully diluted outstanding equity, payable in Checkpoint common shares (&#8220;Annual Equity Fee&#8221;). The Annual Equity Fee was part of the consideration payable for formation of the Company, identification of certain assets, including the license contributed to Checkpoint by Fortress.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company records the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.&#160; Contingent consideration is recorded when probable and reasonably estimable. The Company&#8217;s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company&#8217;s stage of development. Due to these uncertainties, the Company has concluded that it is unable to reasonably estimate the contingent consideration until shares are actually issued on March 17 of each year. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million&#160;in research and development expense and a credit to Common shares issuable - Founders Agreement during the years ended December 31, 2016 and 2015, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Fair Value Measurement</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Revenue Recognition</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Collaborative Arrangements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify">The Company is paid by TGTX, a related party, a share of the cost of the license, development and future milestone payments that are payable under the agreements as described in Note 3. The gross amount of these payments are reported as revenue in the accompanying Statements of Operations. The Company acts as a principal, bears credit risk, obtains subcontractors and may perform part of the services required in the transactions. Consistent with ASC 605-45-15 these payments are treated as revenue to the Company. The actual expenses creating the payments by TGTX are reflected as research and development expenses.</div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows ASC 605-25, <i>Revenue Recognition - Multiple-Element Arrangements</i> and ASC 808, <i>Collaborative Arrangements</i>, if applicable, to determine the recognition of revenue under our collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and/or (iv) participation on joint research and/or joint development committees. The payments we may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the Balance Sheet and recognized as revenue in the Statements of Operations when the related revenue recognition criteria are met. See Note 3 for a description of the collaborative arrangement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Revenue Recognition - Milestone Method</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows ASC 605-28,&#160;<i>Revenue Recognition-Milestone Method</i> to evaluate whether each milestone under a license agreement is substantive. This evaluation includes an assessment of whether (i)&#160;the consideration is commensurate with either (a)&#160;the entity's performance to achieve the milestone, or (b)&#160;the enhancement of the value of the delivered item as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (ii)&#160;the consideration relates solely to past performance and (iii)&#160;the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the preclinical, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. If a substantive milestone is achieved, the Company would recognize revenue related to the milestone in its entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met.&#160; Commercial milestones would be accounted for as royalties and recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria were met.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Net Loss per Share</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Since dividends are declared, paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. There are <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,533,063</font> shares of unvested restricted stock, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,331,106</font> warrants and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,000</font> options outstanding as of December 31, 2016, which are not included in the computation of net loss per share.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">For the years ended December 31, 2016 and 2015, the Company had a net loss of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.04</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.41</font> per share, respectively, on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21,544,205</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,855,668</font> weighted average common shares outstanding, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Recently Issued Accounting Standards&#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; COLOR: #212121; FONT-SIZE: 10pt">In January 2017, the</font> <font style="FONT-SIZE: 10pt">Financial Accounting Standards Board ("FASB") <font style="BACKGROUND: transparent; COLOR: #212121">issued an</font> Accounting Standards Update ("ASU") <font style="BACKGROUND: transparent; COLOR: #212121">2017-01, &#8220;<i>Business Combinations (Topic 805) Clarifying the&#160;Definition of a&#160;Business</i>&#8221;. The amendments in this ASU clarify the&#160;definition of a&#160;business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The&#160;definition of a&#160;business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="COLOR: #212121; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2016, the FASB issued ASU No. 2016-15, <i>Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments</i>, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of this new pronouncement on its statements of cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU No. 2016-09 <i>Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting</i> <font style="COLOR: #212121">(&#8220;ASU 2016-09&#8221;)</font>. The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not <font style="BACKGROUND: transparent">expect this standard to have a material impact on our</font> financial statements <font style="BACKGROUND: transparent">upon adoption</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU No. 2016-08, &#8220;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations&#8221; (&#8220;ASU 2016-08&#8221;). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. The amendments in ASU 2016-08 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of implementation and transition approach of ASU 2016-08 on its financial statements and related disclosures, including the impact the new ASU will have on its collaborative arrangements accounted for pursuant to ASC 808.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <i>Leases (Topic 842)</i> which supersedes FASB ASC Topic 840, <i> Leases (Topic 840)</i> and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its financial statements. Since the Company currently does not have any leases, it does not expect this guidance to have a material impact on its financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify"><font style="COLOR: rgb(33,33,33)">In November 2015, the FASB issued ASU No. 2015-17, <i>Balance Sheet Classification of Deferred Taxes</i> (&#8220;ASU 2015-17&#8221;). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.</font> The Company&#160;adopted ASU No. 2015-17 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company&#8217;s financial statements<font style="COLOR: rgb(33,33,33)">.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2015, the FASB issued ASU No. 2015-03, <i>Simplifying the Presentation of Debt Issuance Costs</i> (&#8220;ASU 2015-03&#8221;), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-03 and such adoption resulted in debt issuance costs presented as an offset against notes payable, long-term, in the accompanying balance sheet.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">In August 2014, the FASB issued ASU No.&#160;2014-15, <i>Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</i> (&#8220;ASU No.&#160;2014-15&#8221;) that will require management to evaluate whether there are conditions and events that raise substantial doubt about an entity&#8217;s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity&#8217;s ability to continue as a&#160;going&#160;concern. The Company&#160;adopted ASU No. 2014-15 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company&#8217;s financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the FASB issued ASU No. 2014-09, <i>Revenue from Contracts with Customers</i> (&#8220;ASU 2014-09&#8221;), an updated standard on revenue recognition.&#160;ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP.&#160;The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements.&#160;In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will now be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements. When adopted, the Company does not expect this guidance to have a material impact on its financial statements.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Note 3 &#150; License Agreements</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Dana-Farber Cancer Institute</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, the Company entered into an exclusive license agreement with Dana-Farber to develop a portfolio of fully human immuno-oncology targeted antibodies. Under the terms of the agreement, Checkpoint paid Dana-Farber an up-front licensing fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million and, on May 11, 2015, the Company granted Dana-Farber <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 500,000</font> shares, valued at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">32,500</font> or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.065</font> per share. The agreement included an anti-dilution clause that maintained Dana-Farber&#8217;s ownership at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% until such time that the Company raised $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> million in cash in exchange for common shares. Pursuant to this provision, on September 30, 2015, the Company granted to Dana-Farber an additional <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 136,830</font> shares of common stock valued at approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million and the anti-dilution clause thereafter expired. Dana-Farber is eligible to receive payments of up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">21.5</font> million for each licensed product upon the Company&#8217;s successful achievement of certain clinical development, regulatory and first commercial sale milestones. In addition, Dana-Farber is eligible to receive up to an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">60.0</font> million upon the Company&#8217;s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales. Following the second anniversary of the effective date of the license agreement, Dana-Farber will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to Dana-Farber. The portfolio of antibodies licensed from Dana-Farber include antibodies targeting PD-L1, GITR and CAIX.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In connection with the license agreement with Dana-Farber, the Company entered into a collaboration agreement with TGTX, a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while the Company retains the right to develop and commercialize these antibodies in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress&#8217; Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the collaboration agreement, TGTX paid the Company $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">21.5</font> million for each product upon TGTX&#8217;s successful achievement of certain clinical development, regulatory and first commercial sale milestones. This is comprised of up to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million upon TGTX&#8217;s successful completion of clinical development milestones, and up to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14.5</font> million upon first commercial sales in specified territories. In addition, the Company is eligible to receive up to an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">60.0</font> million upon TGTX&#8217;s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered high single digit percentage of net sales. Following the second anniversary of the effective date of the agreement, the Company will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to the Company. The Company recognized $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">42,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million, respectively, for the years ended December 31, 2016 and 2015, in revenue from its collaboration agreement with TGTX in the&#160;Statements of Operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">NeuPharma, Inc.</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, Fortress entered into an exclusive license agreement with NeuPharma to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. On the same date, Fortress assigned all of its right and interest in the EGFR inhibitors to the Company. Under the terms of the license agreement, the Company paid NeuPharma an up-front licensing fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million, and NeuPharma is eligible to receive payments of up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40.0</font> million per licensed product upon the Company&#8217;s successful achievement of certain clinical development and regulatory milestones in up to three indications, of which $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">22.5</font> million are due upon various regulatory approvals to commercialize the products. In addition, NeuPharma is eligible to receive payments of up to an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40.0</font> million upon the Company&#8217;s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered mid to high-single digit percentage of net sales.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In September 2016, the Company dosed the first patient in a Phase 1/2 clinical study of CK-101. Under the terms of the license agreement with NeuPharma, the Company expensed a non-refundable milestone payment of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million, which is included in the Statements of Operations for the year ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In connection with the license agreement with NeuPharma, in March 2015, Fortress entered into an option agreement with TGTX, a related party, which agreement was assigned to the Company by Fortress on the same date, for a global collaboration of certain compounds licensed. The option agreement will expire on December 31, 2017, unless both parties agree to extend the option period.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Also in connection with the license agreement with NeuPharma, the Company entered into a Sponsored Research Agreement with NeuPharma for certain research and development activities. Effective January 11, 2016, TGTX agreed to assume all costs associated with this Sponsored Research Agreement and paid the Company for all amounts previously paid by the Company.&#160; For the year ended December 31, 2016, the Company recognized approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million in revenue in connection with the Sponsored Research Agreement in the Statements of Operations. There was no related revenue recognized during 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Teva Pharmaceutical Industries Ltd. (through its subsidiary, Cephalon, Inc.)</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In December 2015, Fortress entered into a license agreement with Teva Pharmaceutical Industries Ltd. through its subsidiary, Cephalon, Inc. (&#8220;Cephalon&#8221;). This agreement was assigned to the Company by Fortress on the same date. Under the terms of the license agreement, Checkpoint obtained an exclusive, worldwide license to Cephalon&#8217;s patents relating to CEP-8983 and its small molecule prodrug, CEP-9722, a PARP inhibitor, which the Company now refers to as CK-102. The Company paid Cephalon an up-front licensing fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million. Cephalon is eligible to receive milestone payments of up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">220.0</font> million upon the Company&#8217;s successful achievement of certain clinical development, regulatory approval and product sales milestones, of which approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">206.5</font> million are due on or following regulatory approvals to commercialize the product. In addition, Cephalon is eligible to receive royalty payments based on a tiered low double digit percentage of net sales.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Jubilant Biosys Limited</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></b></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2016, the Company entered into a license agreement with Jubilant Biosys Limited (&#8220;Jubilant&#8221;), whereby the Company obtained an exclusive, worldwide license to Jubilant&#8217;s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. Under the terms of the agreement, the Company paid Jubilant an up-front licensing fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.0</font> million, included in research and development expenses on the Company&#8217;s Statements of Operations for the year ended December 31, 2016, and Jubilant is eligible to receive payments up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">89.0</font> million upon the Company&#8217;s successful achievement of certain preclinical, clinical development, and regulatory milestones, of which $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">59.5</font> million are due upon various regulatory approvals to commercialize the products. In addition, Jubilant is eligible to receive payments up to an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">89.0</font> million upon the Company&#8217;s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In connection with the license agreement with Jubilant, the Company entered into a sublicense agreement with TGTX, a related party, to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress&#8217; Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the Sublicense Agreement, TGTX paid the Company $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">87.5</font> million upon TGTX&#8217;s successful achievement of preclinical, clinical development, and regulatory milestones. This is comprised of up to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.3</font> million upon TGTX&#8217;s successful achievement of one preclinical milestone, up to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25.5</font> million upon TGTX&#8217;s successful completion of three clinical development milestones for two licensed products, and up to approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">61.7</font> million upon the achievement of five regulatory approvals and first commercial sales in specified territories for two licensed products. In addition, the Company is eligible to receive potential milestone payments up to an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">89.0</font> million upon TGTX&#8217;s successful achievement of three sales milestones based on aggregate net sales by TGTX, for two licensed products, in addition to royalty payments based on a mid-single digit percentage of net sales by TGTX. TGTX also pays the Company <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font>% of IND enabling costs and patent expenses. For the year ended December 31, 2016, the Company recognized $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million in revenue related to the sublicense agreement in the Statements of Operations. There was no related revenue recognized during 2015.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt">Note 5 &#150; Notes Payable</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> &#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">NSC Note</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, Fortress closed the private placement of a promissory note for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> million through National Securities Corporation (&#8220;NSC&#8221;) and used the proceeds to acquire medical technologies and products. NSC, a wholly owned subsidiary of National Holdings, Inc., acted as the sole placement agent for the NSC Note. The NSC Note allowed Fortress to transfer a portion of the proceeds from the NSC Note to the Company pursuant to which the Company executed an identical NSC Note in favor of NSC. Accordingly, the Company assumed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.8</font> million under the NSC Note as part of the Founders Agreement (see Note 4) and issued NSC <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 139,592</font> warrants to purchase its common stock, which was equal to twenty-five percent (<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font>%) of the amount of NSC Note proceeds the Company received from Fortress divided by the lowest price at which the Company next sold common stock. The warrant issued has a term of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years and an exercise price equal to the par value of the Company&#8217;s common stock. In February 2016, the Company paid NSC $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.8</font> million representing repayment of the assumed NSC Note principal and accrued interest as of the date of payment. Approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">324,000</font> of unamortized debt discount was accelerated into interest expense upon payment.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of December 31, 2016, the Company&#8217;s portion of the NSC Note was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>. For the years ended December 31, 2016 and 2015, the Company recorded costs of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">324,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">89,000</font>, respectively, related to the amortization of the debt discount and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">146,000</font>, respectively of interest expense at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8</font>%, both recorded in interest expense in the Statements of Operations.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table summarizes the Company&#8217;s Amended NSC Note activities as of December 31, 2016 ($ in thousands).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">&#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>NSC&#160;Note&#160;Payable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Discount</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>NSC&#160;Note&#160;Payable,&#160;Net</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>December 31, 2015 balance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,792</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(324)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Payment of NSC debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,792)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,792)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Amortization of debt discount</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>December 31, 2016 balance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The following table summarizes the Company&#8217;s Amended NSC Note activities as of December 31, 2016 ($ in thousands).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">&#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>NSC&#160;Note&#160;Payable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Discount</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>NSC&#160;Note&#160;Payable,&#160;Net</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>December 31, 2015 balance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,792</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(324)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Payment of NSC debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,792)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2,792)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="53%"> <div>Amortization of debt discount</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="53%"> <div>December 31, 2016 balance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Note 6 &#150; Commitments and Contingencies</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">&#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">Leases</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">&#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company is not a party to any leases for office space or equipment.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">License Agreements</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has undertaken to make contingent milestone payments to the licensors of its portfolio of product candidates. In addition, the Company would pay royalties to such licensors based on a percentage of net sales of each product candidate following regulatory marketing approval (See Note 3).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> Litigation</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not determinable, then the Company accrues the minimum of the range of probable loss. As of December 31, 2016, there was no litigation against the Company.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt">Note 7 - Stockholders&#8217; Equity</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Common Stock&#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company is authorized to issue <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,000,000</font> common shares with a par value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.0001</font> per share, of which <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,000,000</font> shares are designated as &#8220;Class A common stock&#8221;. As of December 31, 2016, there were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,000,000</font></font> shares of Class A common stock issued and outstanding to Fortress. Dividends are to be distributed pro-rata to the Class A and common stock holders. The holders of common stock are entitled to one vote per share of common stock held. The Class A common stock holders are entitled to a number of votes per share equal to 1.1 times a fraction the numerator of which is the sum of the shares of outstanding common stock and the denominator of which is the number of shares of Class A common stock. Accordingly, the holder of shares of Class A common stock will be able to control or significantly influence all matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other business combination transactions. Each share of Class A common stock is convertible, at the option of the holder thereof, into one (1) fully paid and non-assessable share of common stock subject to adjustment for stock splits and combinations.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Offerings of Common Stock and Warrants</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In December 2015, the Company closed on gross proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">57.8</font> million, before commissions and expenses, in a series of private placement financings. Net proceeds from this offering were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51.5</font> million. The financing involved the sale of units, each consisting of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares of common stock and a warrant exercisable for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,500</font> shares of common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.00</font> per share, for a purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">50,000</font> per unit. The warrants have a five-year term and are only exercisable for cash.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In February 2016, the Company closed on proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares of common stock and a warrant exercisable for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,500</font> shares of common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.00</font> per share, for a purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45,000</font> per unit. The warrants have a five-year term and are only exercisable for cash. The Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 126,640</font> unregistered shares of common stock and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 44,324</font> warrants in connection with this transaction. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, which included the payment of fees and issuance of warrants to a placement agent.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Pursuant to the Founders Agreement, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,166</font> shares to Fortress, representing <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.5</font>% of the aggregate number of shares of common stock issued in the offering noted above. For the year ended December 31, 2016, the Company recorded expense of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,000</font>, related to this stock grant, which is included in general and administrative expenses in the Company's Statements of Operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Also pursuant to the Founders Agreement, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 721,699</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 688,755</font> shares of common stock to Fortress, representing <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.5</font>% of the fully-diluted outstanding equity of Checkpoint, on March 17, 2017 and 2016, respectively (see Note 4). The Company recorded the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.&#160; Contingent consideration is recorded when probable and reasonably estimable. The Company&#8217;s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company&#8217;s stage of development. Due to these uncertainties, the Company concluded that it could not reasonably estimate the contingent consideration until shares were actually issued on March 17. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million in research and development expenses during the years ended December 31, 2016 and 2015, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font><strong><i><font style="FONT-SIZE: 10pt">Equity Incentive Plan</font></i></strong></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has in effect the Amended and Restated 2015 Incentive Plan (&#8220;2015 Incentive Plan&#8217;). The 2015 Incentive Plan was adopted in March 2015 by our stockholders. Under the 2015 Incentive Plan, the compensation committee of the Company&#8217;s board of directors is authorized to grant stock-based awards to directors, officers, employees and consultants. The plan authorizes grants to issue up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,000,000</font> shares of authorized but unissued common stock and expires <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font></font> years from adoption and limits the term of each option to no more than 10 years from the date of grant.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Total shares available for the issuance of stock-based awards under the Company&#8217;s 2015 Incentive Plan was <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 321,000</font> shares at December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><u><font style="FONT-SIZE: 10pt">Restricted Stock</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2015, the Company issued a restricted stock grant to Dr. Marasco for services in connection with its Scientific Advisory Board. Dr. Marasco was issued a grant for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.5</font> million shares of common stock, which vested <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% on the first anniversary of the grant date and monthly thereafter for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">48</font> months. The Company valued the restricted stock utilizing a discounted cash flow model to determine the weighted market value of invested capital, discounted by a lack of marketability of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 44.8</font>% and a weighted average cost of capital of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30</font>%, resulting in a value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.065</font> per share on grant date. At December 31, 2015, the Company re-measured this non-employee restricted stock utilizing a market approach, based upon a third party financing. Such valuation resulted in a value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.39</font> per share utilizing a volatility of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 83</font>%, a risk free rate of return of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.5</font>% and a term of five years. At December 31, 2016, the Company re-measured this non-employee restricted stock utilizing a market approach, based primarily upon a third party financing. Such valuation resulted in a value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.43</font> per share utilizing a volatility of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 80</font>%, a risk free rate of return of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.10</font>% and a term of five years. For the years ended December 31, 2016 and 2015, in connection with this grant, the Company recorded expense of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.5</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million, respectively, in research and development expenses on the Company&#8217;s Statements of Operations.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Certain employees and directors have been awarded restricted stock under the 2015 Incentive Plan. The Company incurred approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.3</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.3</font> million, respectively, related to stock-based compensation expense for the years ended December 31, 2016 and 2015, which is included in general and administrative expenses on the Company&#8217;s&#160;Statements of Operations. The Company incurred approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">58,000</font> related to stock-based compensation expense for the year ended December 31, 2016, which is included in research and development expenses on the Company&#8217;s Statements of Operations There were no related expense recognized during the same period in 2015.</font></div> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The following table summarizes restricted stock award activity for the year ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 1in; WIDTH: 60%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Grant&#160;Date&#160;Fair</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Number&#160;of&#160;Units</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Nonvested at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1.73</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">619,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(585,937)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.07</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Nonvested at December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,533,063</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2.93</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of December 31, 2016, there was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.3</font> million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over weighted-average period of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.8</font> years. This amount does not include <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 333,334</font> shares of restricted stock outstanding as of December 31, 2016 which are performance-based and vest upon achievement of certain corporate milestones. Stock-based compensation for these awards will be measured and recorded if and when it is probable that the milestone will be achieved.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><u><font style="FONT-SIZE: 10pt">Stock Options</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">During 2016, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,000</font> stock options were granted to a consultant under the 2015 Incentive Plan with a $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.43</font> exercise price and a ten-year life. The stock options were valued using a Black-Scholes model with the following assumptions; volatility of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100.65</font>%, risk free rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.6</font>% and effective life of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The following table summarizes stock option award activity for the year ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 95%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Remaining&#160;Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Stock&#160;Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Life&#160;(in&#160;years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9.96</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The weighted average remaining amortization period is approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10.0</font> years at December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;<strong><i> &#160;</i></strong></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Warrants</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A summary of warrant activities for year ended December 31, 2016 is presented below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 95%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Remaining&#160;Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Warrants</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Life&#160;(in&#160;years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,286,782</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.61</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.68</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">44,324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,331,106</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.62</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4.67</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Upon the exercise of warrants, the Company will issue new shares of its common stock.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Stock-Based Compensation</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The following table summarizes stock-based compensation expense for the years ended December 31, 2016 and 2015 ($ in thousands).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Research and development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,557</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,987</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">General and administrative</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,310</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">265</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Total stock-based compensation expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,252</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1000 0 0 0 1000 0 57817000 0 1000 0 57816000 0 0 11563400 6321000 0 0 0 6321000 0 3024000 0 0 3024000 0 0 0 0 2987000 0 0 0 2987000 0 0 1500000 613000 0 0 0 613000 0 633000 0 0 0 633000 0 0 636830 10000 2500 7.00 0.0001 1000000 (i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoints voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoints annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%). <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table summarizes restricted stock award activity for the year ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 1in; WIDTH: 60%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Grant&#160;Date&#160;Fair</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Number&#160;of&#160;Units</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Nonvested at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1.73</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">619,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">(585,937)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">0.07</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Nonvested at December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,533,063</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2.93</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table summarizes stock-based compensation expense for the years ended December 31, 2016 and 2015 ($ in thousands).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div style="CLEAR:both;CLEAR: both"> Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Research and development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,557</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,987</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">General and administrative</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,310</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">265</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="45%"> <div style="CLEAR:both;CLEAR: both">Total stock-based compensation expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,252</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">A summary of warrant activities for year ended December 31, 2016 is presented below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 95%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Remaining&#160;Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Warrants</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Life&#160;(in&#160;years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,286,782</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.61</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.68</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">44,324</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,331,106</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6.62</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4.67</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The following table summarizes stock option award activity for the year ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 95%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted&#160;Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Remaining&#160;Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Stock&#160;Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Life&#160;(in&#160;years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="58%"> <div style="CLEAR:both;CLEAR: both">Outstanding as of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">60,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5.43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">9.96</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 44324 4331106 7.00 6.62 4286782 6.61 P5Y8M5D P4Y8M1D 0 60000 60000 0 5.43 5.43 P9Y11M16D P0Y P10Y 321000 60000 1.0065 0.026 P10Y 5.43 P10Y <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt">Note 8 - Income Taxes</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has accumulated net losses since inception and has not recorded an income tax provision or benefit during the years ended December 31, 2016 and 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A reconciliation of the statutory U.S. federal rate to the Company&#8217;s effective tax rate is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> &#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div> For&#160;the&#160;years&#160;ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Statutory federal income tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>State taxes, net of federal tax benefit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Annual equity fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(9)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Credits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Rate change</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="50%"> <div>Provision to return</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="50%"> <div>Stock based compensation shortfall</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(4)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(36)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(32)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Income taxes provision (benefit)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> &#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>As&#160;of&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Deferred tax assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Net operating loss carryovers</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,148</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,657</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Stock compensation and other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,299</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in fair value of warrant liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>157</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>175</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Amortization of license</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,656</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,210</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Accruals and reserves</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Tax credits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>733</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Start Up Costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Total deferred tax assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>12,397</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,456</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 23px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Less valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,397)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,456)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Deferred tax asset, net of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has determined, based upon available evidence, that it is more likely than not that the net deferred tax asset will not be realized and, accordingly, has provided a full valuation allowance against its net deferred tax asset. A valuation allowance of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12.4</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.5</font> million was recorded for the years ended December 31, 2016 and 2015, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of December 31, 2016, the Company had federal and state net operating loss carryforwards of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14.3</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million, respectively. The federal and state net operating loss carryforwards will begin to expire, if not utilized, by <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2035</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2025</font>, respectively. Utilization of the net operating loss carryforward may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended and similar state provisions. In December 2015, the Company experienced an ownership change as a result of an issuance of its common stock. Utilization of the Company&#8217;s net operating loss may be subject to substantial limitation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">There are no significant matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return, in accordance with ASC 740 &#8220;Income Taxes&#8221; (&#8220;ASC 740&#8221;), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements, that have been recorded on the Company&#8217;s financial statements for the year ended December 31, 2016. The Company does not anticipate a material change to unrecognized tax benefits in the next twelve months.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Additionally, ASC 740 provides guidance on the recognition of interest and penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the period ended December 31, 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 14.3pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The federal and state tax returns for the periods ended December 31, 2016 and 2015 are currently open for examination under the applicable federal and state income tax statues of limitations.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">A reconciliation of the statutory U.S. federal rate to the Company&#8217;s effective tax rate is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> &#160;</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div> For&#160;the&#160;years&#160;ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Statutory federal income tax rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>35</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>State taxes, net of federal tax benefit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Annual equity fee</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(9)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Credits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Rate change</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="50%"> <div>Provision to return</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="50%"> <div>Stock based compensation shortfall</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>(4)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(2)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(36)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(32)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Income taxes provision (benefit)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>As&#160;of&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Deferred tax assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Net operating loss carryovers</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,148</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,657</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Stock compensation and other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,299</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in fair value of warrant liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>157</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>175</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Amortization of license</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,656</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,210</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Accruals and reserves</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Tax credits</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>733</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>115</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 22px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Start Up Costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Total deferred tax assets</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>12,397</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,456</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 23px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Less valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(12,397)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,456)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Deferred tax asset, net of valuation allowance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0.35 0.35 0.01 0.05 0.03 0.01 0 0 5148000 1657000 1624000 1299000 157000 175000 4656000 1210000 25000 0 733000 115000 54000 0 12397000 4456000 12397000 4456000 0 0 14300000 3000000 P2035Y P2025Y <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">Note 9 - Fair Value Measurement</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table sets forth the changes in the estimated fair value for Level 3 classified derivative contingently issuable warrant liability at December 31, 2015 (in thousands):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 65%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Contingently</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Issuable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Warrants</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Fair value, January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Additions</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>175</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in fair value</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>438</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Issuance of Warrants (October 30, 2015)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(613)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Fair value, December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The fair value of the Contingently Issuable Warrants was determined at various issuance dates from March 19, 2015 to August 31, 2015 (&#8220;Issuance Dates&#8221;) for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million and on October 30, 2015 for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million by applying management&#8217;s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model with the following key assumptions:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>October&#160;30,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Issuance&#160;Dates</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Risk-free Interest rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>2.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>2.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected dividend yield</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected term in years</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected volatility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>83</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100.86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Probability of issuance of the warrant</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The following table sets forth the changes in the estimated fair value for Level 3 classified derivative contingently issuable warrant liability at December 31, 2015 (in thousands):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 65%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Contingently</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Issuable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Warrants</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Fair value, January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Additions</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>175</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Change in fair value</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>438</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Issuance of Warrants (October 30, 2015)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(613)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="50%"> <div>Fair value, December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> The fair value of the Contingently Issuable Warrants was determined at various issuance dates from March 19, 2015 to August 31, 2015 (&#8220;Issuance Dates&#8221;) for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million and on October 30, 2015 for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million by applying management&#8217;s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model with the following key assumptions: <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>October&#160;30,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>Issuance&#160;Dates</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Risk-free Interest rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>2.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>2.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected dividend yield</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected term in years</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10.00</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Expected volatility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>83</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100.86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="46%"> <div>Probability of issuance of the warrant</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>100</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 175000 438000 613000 0 0.0226 0.0216 0 0 P10Y P10Y 0.83 1.0086 0.25 1 3919000 3024000 0 175000 0 1000 3160000 2525000 0 6321000 500000 1000000 P5Y P5Y P5Y 0 -0.09 -0.02 0 -0.02 0 -0.36 -0.32 200000 600000 7000000 17476876 60000 60000 57800000 51500000 10000 2500 7.00 50000 P5Y <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Note 10 &#150; Accounts Payable and Accrued Expenses</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>At December 31, 2016 and 2015, accounts payable and accrued expenses consisted of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accounts payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,473</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>917</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accrued compensation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>291</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Research and development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>378</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>262</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>213</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>66</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accounts payable and accrued expenses - related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>318</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>502</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Total accounts payable and accrued expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>3,673</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,790</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">At December 31, 2016 and 2015, accounts payable and accrued expenses consisted of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Year&#160;Ended&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accounts payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>2,473</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>917</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accrued compensation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>291</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>43</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Research and development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>378</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>262</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>213</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>66</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Accounts payable and accrued expenses - related party</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>318</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>502</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Total accounts payable and accrued expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>3,673</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,790</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 2473000 917000 291000 43000 378000 262000 213000 66000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Note 11 &#150; Quarterly Financial Data (Unaudited)</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center">&#160;</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div> (in&#160;thousands,&#160;except&#160;per&#160;share&#160;data)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>First&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Second&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Third&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Fourth&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Total Revenue</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>277</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,249</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>546</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>498</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Operating expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,549</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,667</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,685</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,833</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Other income/(expense)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(333)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>13</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,605)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,405)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,128)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,323)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Basic and diluted net loss per common share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.17)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.25)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.24)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.38)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Total Revenue</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>65</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Operating expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,117</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>475</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,704</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,515</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Other income/(expense)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(70)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(601)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,617)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(475)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,749)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,051)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Basic and diluted net loss per common share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.20)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.06)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.55)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div> (in&#160;thousands,&#160;except&#160;per&#160;share&#160;data)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>First&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Second&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Third&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Fourth&#160;Quarter</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Total Revenue</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>277</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,249</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>546</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>498</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Operating expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,549</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,667</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,685</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,833</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Other income/(expense)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(333)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>13</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,605)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,405)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,128)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,323)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Basic and diluted net loss per common share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.17)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.25)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.24)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.38)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Total Revenue</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>65</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Operating expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,117</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>475</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3,704</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>7,515</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Other income/(expense)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(70)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(601)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,617)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(475)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(3,749)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(8,051)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Basic and diluted net loss per common share</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.20)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.06)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.55)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 277000 1249000 546000 498000 500000 0 25000 65000 3549000 6667000 5685000 8833000 2117000 475000 3704000 7515000 -333000 13000 11000 12000 0 0 -70000 -601000 -3605000 -5405000 -5128000 -8323000 -1617000 -475000 -3749000 -8051000 -0.17 -0.25 -0.24 -0.38 -0.20 -0.06 -0.44 -0.55 40000000 22500000 40000000 89000000 61700000 50000 51500000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Note 4 &#150; Related Party Agreements</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Founders Agreement and Management Services Agreement with Fortress</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective March 17, 2015, the Company entered into a Founders Agreement with Fortress, which was amended and restated on July 11, 2016 (the &#8220;Founders Agreement&#8221;). The Founders Agreement provides, that in exchange for the time and capital expended in the formation of Checkpoint and the identification of specific assets the acquisition of which result in the formation of a viable emerging growth life science company, the Company assumed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.8</font> million in debt that Fortress accumulated under the NSC Note (see Note 5) for expenses and costs of forming Checkpoint, and the Company shall also: <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">(i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoint&#8217;s voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoint&#8217;s annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).</font> The Founders Agreement has a term of fifteen years, after which it automatically renews for one year periods unless Fortress gives the Company notice of termination. The Founders Agreement also will automatically terminate upon a change of control.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective March 17, 2015, the Company entered into a Management Services Agreement (the &#8220;MSA&#8221;) with Fortress. Pursuant to the terms of the MSA, for a period of five (5) years, Fortress will render advisory and consulting services to the Company. Services provided under the MSA may include, without limitation, (i) advice and assistance concerning any and all aspects of Checkpoint&#8217;s operations, clinical trials, financial planning and strategic transactions and financings and (ii) conducting relations on behalf of our Company with accountants, attorneys, financial advisors and other professionals (collectively, the &#8220;Services&#8221;). The Company is obligated to utilize clinical research services, medical education, communication and marketing services and investor relations/public relation services of companies or individuals designated by Fortress, provided those services are offered at market prices. However, the Company is not obligated to take or act upon any advice rendered from Fortress and Fortress shall not be liable for any of our actions or inactions based upon their advice. Fortress and its affiliates, including all members of its Board of Directors, have been contractually exempt from fiduciary duties to the Company relating to corporate opportunities. In consideration for the Services, the Company will pay Fortress an annual consulting fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million (the &#8220;Annual Consulting Fee&#8221;), payable in advance in equal quarterly installments on the first business day of each calendar quarter in each year, provided, however, that such Annual Consulting Fee shall be increased to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million for each calendar year in which the Company has net assets in excess of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">100</font> million at the beginning of the calendar year. For the years ended December 31, 2016 and 2015, the Company recognized approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">500,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">396,000</font>, respectively in expense on its Statements of Operations related to the MSA.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Caribe BioAdvisors, LLC</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>&#160;</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In December 2016, the Company entered into an advisory agreement effective January 1, 2017 with Caribe BioAdvisors, LLC (&#8220;Caribe&#8221;), owned by Michael Weiss, to provide the advisory services of Mr. Weiss as Chairman of the Board. Pursuant to the agreement, Caribe will be paid an annual cash fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">60,000</font>, in addition to any and all annual equity incentive grants paid to members of the board.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Stock-Based Compensation Expenses</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as stock-based compensation expense in the period of change.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify">The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model or 409A valuations as applicable. The assumptions used in calculating the fair value of stock-based awards represent management&#8217;s best estimates and involve inherent uncertainties and the application of management&#8217;s judgment.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Income Taxes</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0px 0in 0in; FONT: 10pt Times New Roman, Times, Serif"> The Company files a separate tax return under Subchapter C of the Internal Revenue Code. Prior to October 1, 2015, the Company was a subsidiary included in the consolidated tax return of Fortress. As a result of issuances of its common stock, the Company exited the consolidated tax group for federal and state income tax purposes. For financial reporting purposes, the Company calculated income tax provision and deferred income tax balances for the year ended December 31, 2015 as if it was a separate entity and had filed its own separate tax return under Subchapter C of the Internal Revenue Code.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Valuation of Warrant Related to NSC Note</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In accordance with ASC 815, the Company classified the fair value of the warrant (&#8220;Contingently Issuable Warrants&#8221;) that may have been granted in connection with the promissory note through National Securities Corporation (the &#8220;NSC Note&#8221;) transferred to the Company in various tranches from March 19, 2015 to August 31, 2015 as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using an option pricing model (which approximates intrinsic value) with estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management&#8217;s estimate of the probability of issuance of the Contingently Issuable Warrants (see Note 9). At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company&#8217;s Statement of Operations.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 0 0 0 0 0 0 0 0 0 0 8000000 3000000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Note 2 &#151; Significant Accounting Policies&#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Basis of Presentation</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and include all adjustments necessary for the fair presentation of the Company&#8217;s financial position for the periods presented. The Company has no subsidiaries.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Cash and Cash Equivalents</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Other Receivables &#150; Related Party</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Other receivables consist of amounts due to the Company from TGTX, a related party, and are recorded at the invoiced amount (see Note 3).</div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Research and Development Costs</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third parties that perform research and development services on the Company&#8217;s behalf will be expensed as services are rendered or when the milestone is achieved.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 730-10-25-1, <i>Research and Development</i>, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached commercial feasibility and has no alternative future use. Such licenses purchased by the Company require substantial completion of research and development, regulatory and marketing approval efforts in order to reach commercial feasibility and has no alternative future use.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Annual Equity Fee</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Under the Founder&#8217;s Agreement with Checkpoint dated March 17, 2015, and amended and restated on July 11, 2016, Fortress is entitled to an annual equity fee on each anniversary of the Agreement equal to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.5</font>% of fully diluted outstanding equity, payable in Checkpoint common shares (&#8220;Annual Equity Fee&#8221;). The Annual Equity Fee was part of the consideration payable for formation of the Company, identification of certain assets, including the license contributed to Checkpoint by Fortress.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company records the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.&#160; Contingent consideration is recorded when probable and reasonably estimable. The Company&#8217;s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company&#8217;s stage of development. Due to these uncertainties, the Company has concluded that it is unable to reasonably estimate the contingent consideration until shares are actually issued on March 17 of each year. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million&#160;in research and development expense and a credit to Common shares issuable - Founders Agreement during the years ended December 31, 2016 and 2015, respectively.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Stock-Based Compensation Expenses</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as stock-based compensation expense in the period of change.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify">The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model or 409A valuations as applicable. The assumptions used in calculating the fair value of stock-based awards represent management&#8217;s best estimates and involve inherent uncertainties and the application of management&#8217;s judgment.</div> </div> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Fair Value Measurement</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 1: Quoted prices in active markets for identical assets or liabilities.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt 29.7pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Revenue Recognition</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Collaborative Arrangements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify">The Company is paid by TGTX, a related party, a share of the cost of the license, development and future milestone payments that are payable under the agreements as described in Note 3. The gross amount of these payments are reported as revenue in the accompanying Statements of Operations. The Company acts as a principal, bears credit risk, obtains subcontractors and may perform part of the services required in the transactions. Consistent with ASC 605-45-15 these payments are treated as revenue to the Company. The actual expenses creating the payments by TGTX are reflected as research and development expenses.</div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows ASC 605-25, <i>Revenue Recognition - Multiple-Element Arrangements</i> and ASC 808, <i>Collaborative Arrangements</i>, if applicable, to determine the recognition of revenue under our collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and/or (iv) participation on joint research and/or joint development committees. The payments we may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the Balance Sheet and recognized as revenue in the Statements of Operations when the related revenue recognition criteria are met. See Note 3 for a description of the collaborative arrangement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Revenue Recognition - Milestone Method</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company follows ASC 605-28,&#160;<i>Revenue Recognition-Milestone Method</i> to evaluate whether each milestone under a license agreement is substantive. This evaluation includes an assessment of whether (i)&#160;the consideration is commensurate with either (a)&#160;the entity's performance to achieve the milestone, or (b)&#160;the enhancement of the value of the delivered item as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (ii)&#160;the consideration relates solely to past performance and (iii)&#160;the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the preclinical, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. If a substantive milestone is achieved, the Company would recognize revenue related to the milestone in its entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met.&#160; Commercial milestones would be accounted for as royalties and recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria were met.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Income Taxes</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0in 0px 0in 0in; FONT: 10pt Times New Roman, Times, Serif"> The Company files a separate tax return under Subchapter C of the Internal Revenue Code. Prior to October 1, 2015, the Company was a subsidiary included in the consolidated tax return of Fortress. As a result of issuances of its common stock, the Company exited the consolidated tax group for federal and state income tax purposes. For financial reporting purposes, the Company calculated income tax provision and deferred income tax balances for the year ended December 31, 2015 as if it was a separate entity and had filed its own separate tax return under Subchapter C of the Internal Revenue Code.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Valuation of Warrant Related to NSC Note</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In accordance with ASC 815, the Company classified the fair value of the warrant (&#8220;Contingently Issuable Warrants&#8221;) that may have been granted in connection with the promissory note through National Securities Corporation (the &#8220;NSC Note&#8221;) transferred to the Company in various tranches from March 19, 2015 to August 31, 2015 as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using an option pricing model (which approximates intrinsic value) with estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management&#8217;s estimate of the probability of issuance of the Contingently Issuable Warrants (see Note 9). At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company&#8217;s Statement of Operations.</div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Net Loss per Share</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Since dividends are declared, paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. There are <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,533,063</font> shares of unvested restricted stock, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,331,106</font> warrants and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,000</font> options outstanding as of December 31, 2016, which are not included in the computation of net loss per share.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">For the years ended December 31, 2016 and 2015, the Company had a net loss of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.04</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.41</font> per share, respectively, on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21,544,205</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,855,668</font> weighted average common shares outstanding, respectively.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Recently Issued Accounting Standards&#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; COLOR: #212121; FONT-SIZE: 10pt">In January 2017, the</font> <font style="FONT-SIZE: 10pt">Financial Accounting Standards Board ("FASB") <font style="BACKGROUND: transparent; COLOR: #212121">issued an</font> Accounting Standards Update ("ASU") <font style="BACKGROUND: transparent; COLOR: #212121">2017-01, &#8220;<i>Business Combinations (Topic 805) Clarifying the&#160;Definition of a&#160;Business</i>&#8221;. The amendments in this ASU clarify the&#160;definition of a&#160;business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The&#160;definition of a&#160;business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="COLOR: #212121; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2016, the FASB issued ASU No. 2016-15, <i>Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments</i>, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of this new pronouncement on its statements of cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU No. 2016-09 <i>Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting</i> <font style="COLOR: #212121">(&#8220;ASU 2016-09&#8221;)</font>. The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not <font style="BACKGROUND: transparent">expect this standard to have a material impact on our</font> financial statements <font style="BACKGROUND: transparent">upon adoption</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU No. 2016-08, &#8220;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations&#8221; (&#8220;ASU 2016-08&#8221;). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. The amendments in ASU 2016-08 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of implementation and transition approach of ASU 2016-08 on its financial statements and related disclosures, including the impact the new ASU will have on its collaborative arrangements accounted for pursuant to ASC 808.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <i>Leases (Topic 842)</i> which supersedes FASB ASC Topic 840, <i> Leases (Topic 840)</i> and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its financial statements. Since the Company currently does not have any leases, it does not expect this guidance to have a material impact on its financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none" align="justify"><font style="COLOR: rgb(33,33,33)">In November 2015, the FASB issued ASU No. 2015-17, <i>Balance Sheet Classification of Deferred Taxes</i> (&#8220;ASU 2015-17&#8221;). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.</font> The Company&#160;adopted ASU No. 2015-17 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company&#8217;s financial statements<font style="COLOR: rgb(33,33,33)">.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2015, the FASB issued ASU No. 2015-03, <i>Simplifying the Presentation of Debt Issuance Costs</i> (&#8220;ASU 2015-03&#8221;), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-03 and such adoption resulted in debt issuance costs presented as an offset against notes payable, long-term, in the accompanying balance sheet.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">In August 2014, the FASB issued ASU No.&#160;2014-15, <i>Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</i> (&#8220;ASU No.&#160;2014-15&#8221;) that will require management to evaluate whether there are conditions and events that raise substantial doubt about an entity&#8217;s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity&#8217;s ability to continue as a&#160;going&#160;concern. The Company&#160;adopted ASU No. 2014-15 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company&#8217;s financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the FASB issued ASU No. 2014-09, <i>Revenue from Contracts with Customers</i> (&#8220;ASU 2014-09&#8221;), an updated standard on revenue recognition.&#160;ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP.&#160;The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements.&#160;In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will now be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements. When adopted, the Company does not expect this guidance to have a material impact on its financial statements.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> P5Y P5Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3919000 0 0 3919000 0 0 0 1000 0 0 -1000 0 7000000 1000000 0.05 0 -0.04 0 0 0 1000 721699 2000000 265000 3867000 0 0 0 265000 0 0 0 0 3867000 0 0 1000000 0 619000 1500000 0 1000 0 0 -1000 0 7000000 0 0 1000000 0 0 0 0 0 0 0.025 0.025 This Amendment No. 1 (this &#8220;Amendment&#8221;) to Checkpoint Therapeutic Inc.&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 17, 2017 (the &#8220;Original Form 10-K&#8221;), is being filed with the limited purpose of amending the Report of Independent Registered Public Accounting Firm on page F-2 of the Original Form 10-K to correct a scrivener&#8217;s error with respect to the omission of the city and state thereof. This Amendment is as of the filing date of the Original Form 10-K and should be read in conjunction with the Original Form 10-K. This Amendment does not reflect any subsequent information or events and no other information included in the Original Form 10-K has been modified or updated in any way, except as described above. EX-101.SCH 7 ck0001651407-20161231.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink 102 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 103 - Statement - BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 104 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 105 - Statement - STATEMENTS OF STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 106 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 107 - Statement - STATEMENTS OF CASH FLOWS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 108 - Disclosure - Organization, Plan of Business Operations link:presentationLink link:definitionLink link:calculationLink 109 - Disclosure - Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 110 - Disclosure - License Agreements link:presentationLink link:definitionLink link:calculationLink 111 - Disclosure - Related Party Agreements link:presentationLink link:definitionLink link:calculationLink 112 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 113 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 114 - Disclosure - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 115 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 116 - Disclosure - Fair Value Measurement link:presentationLink link:definitionLink link:calculationLink 117 - Disclosure - Accounts Payable and Accrued Expenses link:presentationLink link:definitionLink link:calculationLink 118 - Disclosure - Quarterly Financial Data (Unaudited) link:presentationLink link:definitionLink link:calculationLink 119 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 120 - Disclosure - Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 121 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:definitionLink link:calculationLink 122 - Disclosure - Income Taxes (Tables) link:presentationLink link:definitionLink link:calculationLink 123 - Disclosure - Fair Value Measurement (Tables) link:presentationLink link:definitionLink link:calculationLink 124 - Disclosure - Accounts Payable and Accrued Expenses (Tables) link:presentationLink link:definitionLink link:calculationLink 125 - Disclosure - Quarterly Financial Data (Unaudited) (Tables) link:presentationLink link:definitionLink link:calculationLink 126 - Disclosure - Organization, Plan of Business Operations (Details Textual) link:presentationLink link:definitionLink link:calculationLink 127 - Disclosure - Significant Accounting Policies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 128 - Disclosure - License Agreements (Details Textual) link:presentationLink link:definitionLink link:calculationLink 129 - Disclosure - Related Party Agreements (Details Textual) link:presentationLink link:definitionLink link:calculationLink 130 - Disclosure - Notes Payable (Details) link:presentationLink link:definitionLink link:calculationLink 131 - Disclosure - Notes Payable (Details Textual) link:presentationLink link:definitionLink link:calculationLink 132 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 133 - Disclosure - Stockholders' Equity (Details 1) link:presentationLink link:definitionLink link:calculationLink 134 - Disclosure - Stockholders' Equity (Details 2) link:presentationLink link:definitionLink link:calculationLink 135 - Disclosure - Stockholders' Equity (Details 3) link:presentationLink link:definitionLink link:calculationLink 136 - Disclosure - Stockholders' Equity (Details Textual) link:presentationLink link:definitionLink link:calculationLink 137 - Disclosure - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 138 - Disclosure - Income Taxes (Details 1) link:presentationLink link:definitionLink link:calculationLink 139 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:definitionLink link:calculationLink 140 - Disclosure - Fair Value Measurement (Details) link:presentationLink link:definitionLink link:calculationLink 141 - Disclosure - Fair Value Measurement (Details 1) link:presentationLink link:definitionLink link:calculationLink 142 - Disclosure - Fair Value Measurement (Details Textual) link:presentationLink link:definitionLink link:calculationLink 143 - Disclosure - Accounts Payable and Accrued Expenses (Details) link:presentationLink link:definitionLink link:calculationLink 144 - Disclosure - Quarterly Financial Data (Unaudited) (Details) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 ck0001651407-20161231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 ck0001651407-20161231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 ck0001651407-20161231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 ck0001651407-20161231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2016
Mar. 06, 2017
Jun. 30, 2016
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag true    
Document Period End Date Dec. 31, 2016    
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus FY    
Entity Registrant Name Checkpoint Therapeutics, Inc.    
Entity Central Index Key 0001651407    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Non-accelerated Filer    
Entity Public Float     $ 0
Amendment Description This Amendment No. 1 (this “Amendment”) to Checkpoint Therapeutic Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 17, 2017 (the “Original Form 10-K”), is being filed with the limited purpose of amending the Report of Independent Registered Public Accounting Firm on page F-2 of the Original Form 10-K to correct a scrivener’s error with respect to the omission of the city and state thereof. This Amendment is as of the filing date of the Original Form 10-K and should be read in conjunction with the Original Form 10-K. This Amendment does not reflect any subsequent information or events and no other information included in the Original Form 10-K has been modified or updated in any way, except as described above.    
Common Class A [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   7,000,000  
Common Stock [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   17,476,876  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 35,086 $ 50,418
Prepaid expenses and other assets 71 171
Other receivables - related party 821 65
Total current assets 35,978 50,654
Total Assets 35,978 50,654
Current Liabilities:    
Accounts payable and accrued expenses 3,355 1,288
Accounts payable and accrued expenses - related party 318 502
Total current liabilities 3,673 1,790
Note payable, long-term (net of debt discount of $0 and $324 at December 31, 2016 and December 31, 2015, respectively) 0 2,468
Total Liabilities 3,673 4,258
Commitments and Contingencies
Stockholders' Equity    
Common Stock Value 2 1
Common stock issuable,721,699 and 688,755 shares as of December 31, 2016 and December 31, 2015, respectively 3,919 3,024
Additional paid-in capital 64,736 57,262
Accumulated deficit (36,353) (13,892)
Total Stockholders’ Equity 32,305 46,396
Total Liabilities and Stockholders’ Equity 35,978 50,654
Common Class A [Member]    
Stockholders' Equity    
Common Stock Value 1 1
Total Stockholders’ Equity $ 1 $ 1
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
BALANCE SHEETS [Parenthetical] - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument, Unamortized Discount $ 0 $ 324
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 17,426,876 15,989,315
Common Stock, Shares, Outstanding 17,426,876 15,989,315
Common Stock, Shares Subscribed but Unissued 721,699 688,755
Common Class A [Member]    
Common Stock, Shares Authorized 15,000,000  
Common Stock, Shares, Issued 7,000,000 7,000,000
Common Stock, Shares, Outstanding 7,000,000 7,000,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Revenue - related party $ 0 $ 2,570 $ 590
Operating expenses:      
Research and development 0 20,267 11,323
General and administrative 0 4,467 2,488
Total operating expenses 0 24,734 13,811
Loss from operations 0 (22,164) (13,221)
Other income (expense)      
Interest income 0 47 2
Interest expense and debt amortization 0 (344) (235)
Change in fair value of warrant liabilities 0 0 (438)
Total other expense 0 (297) (671)
Net Loss $ 0 $ (22,461) $ (13,892)
Loss per Share:      
Basic and diluted net loss per common share outstanding $ 0 $ (1.04) $ (1.41)
Basic and diluted weighted average number of common shares outstanding 8,000,000 21,544,205 9,855,668
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock [Member]
Common Stock Issuable [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Common Class A [Member]
Balances at Nov. 09, 2014          
Balances (in Shares) at Nov. 09, 2014          
Issuance of Class A common shares to Fortress $ 0 $ 0 $ 0 $ (1) $ 0 $ 1
Issuance of Class A common shares to Fortress (in shares)   0       7,000,000
Issuance of common shares to Fortress 0 $ 0 0 0 0 $ 0
Issuance of common shares to Fortress (in shares)   1,000,000       0
Net loss 0          
Balances at Dec. 31, 2014 0 $ 0 0 (1) 0 $ 1
Balances (in Shares) at Dec. 31, 2014   1,000,000       7,000,000
Cash received for issuance of founder shares 1 $ 0 0 1 0 $ 0
Issuance of common shares for cash 57,817 $ 1 0 57,816 0 $ 0
Issuance of common shares for cash (in Shares)   11,563,400       0
Offering costs (6,321) $ 0 0 (6,321) 0 $ 0
Stock-based compensation expenses 265 $ 0 0 265 0 $ 0
Stock-based compensation expenses (in Shares)   1,000,000       0
Issuance of common shares - Founders Agreement 1,269 $ 0 0 1,269 0 $ 0
Issuance of common shares - Founders Agreement (in Shares)   289,085       0
Common shares issuable - Founders Agreement 3,024 $ 0 3,024 0 0 $ 0
Common shares issuable - Founders Agreement (in Shares)   0       0
Issuance of restricted stock and warrants for services 2,987 $ 0 0 2,987 0 $ 0
Issuance of restricted stock and warrants for services (in Shares)   1,500,000       0
Issuance of common shares for license expenses 633 $ 0 0 633 0 $ 0
Issuance of common shares for license expenses (in Shares)   636,830       0
Issuance of warrants 613 $ 0 0 613 0 $ 0
Net loss (13,892) 0 0 0 (13,892) 0
Balances at Dec. 31, 2015 46,396 $ 1 3,024 57,262 (13,892) $ 1
Balances (in Shares) at Dec. 31, 2015   15,989,315       7,000,000
Issuance of common shares and warrants for cash 570 $ 0 0 570 0 $ 0
Issuance of common shares and warrants for cash (in Shares)   126,640       0
Stock-based compensation expenses 3,867 $ 0 0 3,867 0 $ 0
Stock-based compensation expenses (in Shares)   619,000       0
Issuance of common shares - Founders Agreement 14 $ 1 (3,024) 3,037 0 $ 0
Issuance of common shares - Founders Agreement (in Shares)   691,921       0
Common shares issuable - Founders Agreement 3,919 $ 0 3,919 0 0 $ 0
Common shares issuable - Founders Agreement (in Shares)   0       0
Net loss (22,461) $ 0 0 0 (22,461) $ 0
Balances at Dec. 31, 2016 $ 32,305 $ 2 $ 3,919 $ 64,736 $ (36,353) $ 1
Balances (in Shares) at Dec. 31, 2016   17,426,876       7,000,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:      
Net loss $ 0 $ (22,461) $ (13,892)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expenses 0 3,867 3,252
Change in fair value of warrant liabilities 0 0 438
Issuance of common shares - Founders Agreement 0 14 1,269
Common shares issuable - Founders Agreement 0 3,919 3,024
Issuance of common shares for license expenses 0 0 633
Amortization of debt discount 0 324 89
Research and development-licenses acquired, expensed   3,160 2,525
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 0 100 (171)
Other receivables - related party 0 (756) (65)
Accounts payable and accrued expenses 0 1,883 1,790
Net cash used in operating activities 0 (9,950) (1,108)
Cash Flows from Investing Activities:      
Purchase of research and development licenses 0 (3,160) (2,525)
Net cash used in investing activities 0 (3,160) (2,525)
Cash Flows from Financing Activities:      
Proceeds from note payable, net of debt discount 0 0 2,554
Payment of note payable 0 (2,792) 0
Proceeds from issuance of common stock, net of offering costs of $0 and $6,321, respectively 0 570 51,496
Cash received for issuance of founders shares 0 0 1
Net cash (used in) provided by financing activities 0 (2,222) 54,051
Net (decrease) increase in cash 0 (15,332) 50,418
Cash at beginning of period 0 50,418 0
Cash at end of period 0 35,086 50,418
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 20 56
Supplemental disclosure of noncash investing and financing activities:      
Debt discount associated with warrant liabilities 0 0 175
Issuance of founder shares to Fortress on November 10, 2014 $ 1 $ 0 $ 0
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
STATEMENTS OF CASH FLOWS [Parenthetical] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Payments of Stock Issuance Costs $ 0 $ 6,321
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Organization, Plan of Business Operations
 12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
Note 1 — Organization, Plan of Business Operations
 
Checkpoint Therapeutics, Inc. (the “Company” or “Checkpoint”) was incorporated in Delaware on November 10, 2014. Checkpoint is an immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel, non-chemotherapy, immune-enhanced combination treatments for patients with solid tumor cancers. The Company may acquire rights to these technologies by licensing the rights or otherwise acquiring an ownership interest in the technologies, funding their research and development and eventually either out-licensing or bringing the technologies to market. The Company may also enter into collaboration agreements with third and related parties including sponsored research agreements to develop these technologies for liquid tumors while retaining the rights in solid tumors.
 
The Company is a majority controlled subsidiary of Fortress Biotech, Inc. (“Fortress”).
 
The Company’s common stock is quoted on the OTCQX market and trades under the symbol “CKPT.”
   
Portfolio of Immuno-Oncology and Anti-Cancer Agents
 
In March 2015, Checkpoint entered into a license agreement with Dana-Farber Cancer Institute (“Dana-Farber”) for an exclusive, worldwide license to a portfolio of antibodies targeting programmed cell death ligand 1 (“PD-L1”), glucocorticoid-induced TNFR-related protein (“GITR”) and carbonic anhydrase IX (“CAIX”). These antibodies are currently in preclinical development. Checkpoint plans to develop these novel immuno-oncology and checkpoint inhibitor antibodies on their own and in combination with each other, as published literature suggests that combinations of these targets can work synergistically together. The Company expects to submit an investigational new drug (“IND”) application for its anti-PD-L1 antibody in 2017, and for its anti-GITR and anti-CAIX antibodies in 2018 (see Note 3).
 
In connection with the license agreement with Dana-Farber, Checkpoint entered into a Global Collaboration Agreement with TG Therapeutics, Inc. (“TGTX”), a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while Checkpoint retains the right to develop and commercialize these antibodies in the field of solid tumors (see Note 3).
  
In March 2015, Fortress entered into an exclusive license agreement with NeuPharma, Inc. (“NeuPharma”) to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. This license was assigned by Fortress to the Company effective March 17, 2015 pursuant to the terms of an Assignment and Assumption Agreement. In August 2016, the Company filed an IND application with the U.S. Food and Drug Administration (“FDA”) for CK-101, which was approved by the FDA, and in September 2016 the Company dosed the first patient in a Phase 1/2 clinical trial (see Note 3).
 
In December 2015, Fortress licensed the exclusive worldwide rights to develop and commercialize CK-102 (formerly CEP-9722), a poly (ADP-ribose) polymerase (“PARP”) inhibitor, from Teva Pharmaceutical Industries Ltd., through its subsidiary, Cephalon, Inc. CK-102 is an oral, small molecule selective inhibitor of PARP-1 and PARP-2 enzymes in early clinical development for solid tumors. This license was assigned by Fortress to the Company effective December 18, 2015 pursuant to the terms of an Assignment and Assumption Agreement. Checkpoint plans to develop CK-102 as both a monotherapy and in combination with other anti-cancer agents, including the Company’s novel immuno-oncology and checkpoint inhibitor antibodies currently in development. The Company plans to evaluate a reformulation of the CK-102 drug product to improve its bioavailability prior to commencing a clinical program (see Note 3).
 
In May 2016, Checkpoint entered into a license agreement with Jubilant Biosys Limited (“Jubilant”) for an exclusive, worldwide license to Jubilant’s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. CK-103 is currently in preclinical development. The Company plans to complete the required chemistry, manufacturing and control, pharmacology and toxicology activities to support an IND application to the FDA in 2017 (see Note 3).
 
In connection with the license agreement with Jubilant, the Company entered into a Sublicense Agreement with TGTX to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors (see Note 3).
 
Liquidity and Capital Resources
 
The Company has incurred substantial operating losses since its inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of December 31, 2016, the Company had an accumulated deficit of $36.4 million.
 
On September 18, 2015, the Company entered into a placement agency agreement (the “Placement Agency Agreement”) with National Securities Corporation (the “Placement Agent”) relating to the Company’s offering, issuance and sale (the “Offering”) to select institutional investors (the “Investors”) of units consisting of 10,000 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), and warrants (the “Warrants”) exercisable for 2,500 shares of Common Stock at an exercise price of $7.00 per share, for a purchase price of $50,000 per unit. The warrants have a five-year term and are only exercisable for cash. The Offering closed on December 18, 2015. The net proceeds to the Company from the Offering, after deducting Placement Agent fees and the Company’s offering expenses, were approximately $51.5 million.
 
On February 23, 2016, the Company closed on gross proceeds of $0.6 million, in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 3,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $45,000 per unit. The warrants have a five-year term and are only exercisable for cash. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, noted above, which included the payment of fees and issuance of warrants to a placement agent (see Note 7).
 
The Company expects to continue to use the proceeds from the above transactions primarily for general corporate purposes, which may include financing the Company’s growth, developing new or existing product candidates, and funding capital expenditures, acquisitions and investments. The Company currently anticipates that its cash and cash equivalents balances at December 31, 2016, are sufficient to fund its anticipated operating cash requirements for approximately the next 18 to 21 months.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
Note 2 — Significant Accounting Policies 
 
Basis of Presentation
 
The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The Company has no subsidiaries.
  
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
 
Cash and Cash Equivalents
 
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
 
Other Receivables – Related Party
 
Other receivables consist of amounts due to the Company from TGTX, a related party, and are recorded at the invoiced amount (see Note 3).
 
Research and Development Costs
 
Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third parties that perform research and development services on the Company’s behalf will be expensed as services are rendered or when the milestone is achieved.
 
Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies.
 
In accordance with Accounting Standards Codification (“ASC”) 730-10-25-1, Research and Development, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached commercial feasibility and has no alternative future use. Such licenses purchased by the Company require substantial completion of research and development, regulatory and marketing approval efforts in order to reach commercial feasibility and has no alternative future use.
 
Annual Equity Fee
 
Under the Founder’s Agreement with Checkpoint dated March 17, 2015, and amended and restated on July 11, 2016, Fortress is entitled to an annual equity fee on each anniversary of the Agreement equal to 2.5% of fully diluted outstanding equity, payable in Checkpoint common shares (“Annual Equity Fee”). The Annual Equity Fee was part of the consideration payable for formation of the Company, identification of certain assets, including the license contributed to Checkpoint by Fortress.
 
The Company records the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.  Contingent consideration is recorded when probable and reasonably estimable. The Company’s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company’s stage of development. Due to these uncertainties, the Company has concluded that it is unable to reasonably estimate the contingent consideration until shares are actually issued on March 17 of each year. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $3.9 million and $3.0 million in research and development expense and a credit to Common shares issuable - Founders Agreement during the years ended December 31, 2016 and 2015, respectively.
 
Stock-Based Compensation Expenses
 
The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as stock-based compensation expense in the period of change.
 
The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model or 409A valuations as applicable. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
 
Fair Value Measurement
 
The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.
 
The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:
 
Level 1: Quoted prices in active markets for identical assets or liabilities.
 
Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.
 
Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.
 
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
Revenue Recognition
 
Collaborative Arrangements
 
The Company is paid by TGTX, a related party, a share of the cost of the license, development and future milestone payments that are payable under the agreements as described in Note 3. The gross amount of these payments are reported as revenue in the accompanying Statements of Operations. The Company acts as a principal, bears credit risk, obtains subcontractors and may perform part of the services required in the transactions. Consistent with ASC 605-45-15 these payments are treated as revenue to the Company. The actual expenses creating the payments by TGTX are reflected as research and development expenses.
 
The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.
 
The Company follows ASC 605-25, Revenue Recognition - Multiple-Element Arrangements and ASC 808, Collaborative Arrangements, if applicable, to determine the recognition of revenue under our collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and/or (iv) participation on joint research and/or joint development committees. The payments we may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales.
 
ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable.
  
To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria.
 
If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the Balance Sheet and recognized as revenue in the Statements of Operations when the related revenue recognition criteria are met. See Note 3 for a description of the collaborative arrangement.
 
Revenue Recognition - Milestone Method
 
The Company follows ASC 605-28, Revenue Recognition-Milestone Method to evaluate whether each milestone under a license agreement is substantive. This evaluation includes an assessment of whether (i) the consideration is commensurate with either (a) the entity's performance to achieve the milestone, or (b) the enhancement of the value of the delivered item as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (ii) the consideration relates solely to past performance and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the preclinical, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. If a substantive milestone is achieved, the Company would recognize revenue related to the milestone in its entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met.  Commercial milestones would be accounted for as royalties and recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria were met.
 
Income Taxes
 
The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit.
 
The Company files a separate tax return under Subchapter C of the Internal Revenue Code. Prior to October 1, 2015, the Company was a subsidiary included in the consolidated tax return of Fortress. As a result of issuances of its common stock, the Company exited the consolidated tax group for federal and state income tax purposes. For financial reporting purposes, the Company calculated income tax provision and deferred income tax balances for the year ended December 31, 2015 as if it was a separate entity and had filed its own separate tax return under Subchapter C of the Internal Revenue Code.
 
Valuation of Warrant Related to NSC Note
 
In accordance with ASC 815, the Company classified the fair value of the warrant (“Contingently Issuable Warrants”) that may have been granted in connection with the promissory note through National Securities Corporation (the “NSC Note”) transferred to the Company in various tranches from March 19, 2015 to August 31, 2015 as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using an option pricing model (which approximates intrinsic value) with estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management’s estimate of the probability of issuance of the Contingently Issuable Warrants (see Note 9). At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company’s Statement of Operations.
  
Net Loss per Share
 
Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Since dividends are declared, paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. There are 2,533,063 shares of unvested restricted stock, 4,331,106 warrants and 60,000 options outstanding as of December 31, 2016, which are not included in the computation of net loss per share.
 
For the years ended December 31, 2016 and 2015, the Company had a net loss of $1.04 and $1.41 per share, respectively, on 21,544,205 and 9,855,668 weighted average common shares outstanding, respectively.
  
Recently Issued Accounting Standards 
 
In January 2017, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance.
 
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of this new pronouncement on its statements of cash flows.
  
In March 2016, the FASB issued ASU No. 2016-09 Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect this standard to have a material impact on our financial statements upon adoption.
 
In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” (“ASU 2016-08”). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. The amendments in ASU 2016-08 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of implementation and transition approach of ASU 2016-08 on its financial statements and related disclosures, including the impact the new ASU will have on its collaborative arrangements accounted for pursuant to ASC 808.
 
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its financial statements. Since the Company currently does not have any leases, it does not expect this guidance to have a material impact on its financial statements.
 
In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU No. 2015-17 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.
 
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-03 and such adoption resulted in debt issuance costs presented as an offset against notes payable, long-term, in the accompanying balance sheet.
 
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that will require management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. The Company adopted ASU No. 2014-15 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.
 
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP. The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will now be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements. When adopted, the Company does not expect this guidance to have a material impact on its financial statements.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
License Agreements
 12 Months Ended
Dec. 31, 2016
Licenses Acquired [Abstract]  
Licenses Acquired [Text Block]
Note 3 – License Agreements
 
Dana-Farber Cancer Institute
 
In March 2015, the Company entered into an exclusive license agreement with Dana-Farber to develop a portfolio of fully human immuno-oncology targeted antibodies. Under the terms of the agreement, Checkpoint paid Dana-Farber an up-front licensing fee of $1.0 million and, on May 11, 2015, the Company granted Dana-Farber 500,000 shares, valued at $32,500 or $0.065 per share. The agreement included an anti-dilution clause that maintained Dana-Farber’s ownership at 5% until such time that the Company raised $10 million in cash in exchange for common shares. Pursuant to this provision, on September 30, 2015, the Company granted to Dana-Farber an additional 136,830 shares of common stock valued at approximately $0.6 million and the anti-dilution clause thereafter expired. Dana-Farber is eligible to receive payments of up to an aggregate of approximately $21.5 million for each licensed product upon the Company’s successful achievement of certain clinical development, regulatory and first commercial sale milestones. In addition, Dana-Farber is eligible to receive up to an aggregate of $60.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales. Following the second anniversary of the effective date of the license agreement, Dana-Farber will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to Dana-Farber. The portfolio of antibodies licensed from Dana-Farber include antibodies targeting PD-L1, GITR and CAIX.
 
In connection with the license agreement with Dana-Farber, the Company entered into a collaboration agreement with TGTX, a related party, to develop and commercialize the anti-PD-L1 and anti-GITR antibody research programs in the field of hematological malignancies, while the Company retains the right to develop and commercialize these antibodies in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress’ Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the collaboration agreement, TGTX paid the Company $0.5 million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $21.5 million for each product upon TGTX’s successful achievement of certain clinical development, regulatory and first commercial sale milestones. This is comprised of up to approximately $7.0 million upon TGTX’s successful completion of clinical development milestones, and up to approximately $14.5 million upon first commercial sales in specified territories. In addition, the Company is eligible to receive up to an aggregate of $60.0 million upon TGTX’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered high single digit percentage of net sales. Following the second anniversary of the effective date of the agreement, the Company will receive an annual license maintenance fee, which is creditable against milestone payments or royalties due to the Company. The Company recognized $42,000 and $0.5 million, respectively, for the years ended December 31, 2016 and 2015, in revenue from its collaboration agreement with TGTX in the Statements of Operations.
 
NeuPharma, Inc.
 
In March 2015, Fortress entered into an exclusive license agreement with NeuPharma to develop and commercialize novel irreversible, 3rd generation EGFR inhibitors, including CK-101, on a worldwide basis other than certain Asian countries. On the same date, Fortress assigned all of its right and interest in the EGFR inhibitors to the Company. Under the terms of the license agreement, the Company paid NeuPharma an up-front licensing fee of $1.0 million, and NeuPharma is eligible to receive payments of up to an aggregate of approximately $40.0 million per licensed product upon the Company’s successful achievement of certain clinical development and regulatory milestones in up to three indications, of which $22.5 million are due upon various regulatory approvals to commercialize the products. In addition, NeuPharma is eligible to receive payments of up to an aggregate of $40.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered mid to high-single digit percentage of net sales.
 
In September 2016, the Company dosed the first patient in a Phase 1/2 clinical study of CK-101. Under the terms of the license agreement with NeuPharma, the Company expensed a non-refundable milestone payment of $1.0 million, which is included in the Statements of Operations for the year ended December 31, 2016.
 
In connection with the license agreement with NeuPharma, in March 2015, Fortress entered into an option agreement with TGTX, a related party, which agreement was assigned to the Company by Fortress on the same date, for a global collaboration of certain compounds licensed. The option agreement will expire on December 31, 2017, unless both parties agree to extend the option period.
 
Also in connection with the license agreement with NeuPharma, the Company entered into a Sponsored Research Agreement with NeuPharma for certain research and development activities. Effective January 11, 2016, TGTX agreed to assume all costs associated with this Sponsored Research Agreement and paid the Company for all amounts previously paid by the Company.  For the year ended December 31, 2016, the Company recognized approximately $1.0 million in revenue in connection with the Sponsored Research Agreement in the Statements of Operations. There was no related revenue recognized during 2015.
 
Teva Pharmaceutical Industries Ltd. (through its subsidiary, Cephalon, Inc.)
 
In December 2015, Fortress entered into a license agreement with Teva Pharmaceutical Industries Ltd. through its subsidiary, Cephalon, Inc. (“Cephalon”). This agreement was assigned to the Company by Fortress on the same date. Under the terms of the license agreement, Checkpoint obtained an exclusive, worldwide license to Cephalon’s patents relating to CEP-8983 and its small molecule prodrug, CEP-9722, a PARP inhibitor, which the Company now refers to as CK-102. The Company paid Cephalon an up-front licensing fee of $0.5 million. Cephalon is eligible to receive milestone payments of up to an aggregate of approximately $220.0 million upon the Company’s successful achievement of certain clinical development, regulatory approval and product sales milestones, of which approximately $206.5 million are due on or following regulatory approvals to commercialize the product. In addition, Cephalon is eligible to receive royalty payments based on a tiered low double digit percentage of net sales.
 
Jubilant Biosys Limited
 
In May 2016, the Company entered into a license agreement with Jubilant Biosys Limited (“Jubilant”), whereby the Company obtained an exclusive, worldwide license to Jubilant’s family of patents covering compounds that inhibit BRD4, a member of the BET domain for cancer treatment, including CK-103. Under the terms of the agreement, the Company paid Jubilant an up-front licensing fee of $2.0 million, included in research and development expenses on the Company’s Statements of Operations for the year ended December 31, 2016, and Jubilant is eligible to receive payments up to an aggregate of approximately $89.0 million upon the Company’s successful achievement of certain preclinical, clinical development, and regulatory milestones, of which $59.5 million are due upon various regulatory approvals to commercialize the products. In addition, Jubilant is eligible to receive payments up to an aggregate of $89.0 million upon the Company’s successful achievement of certain sales milestones based on aggregate net sales, in addition to royalty payments based on a tiered low to mid-single digit percentage of net sales.
 
In connection with the license agreement with Jubilant, the Company entered into a sublicense agreement with TGTX, a related party, to develop and commercialize the compounds licensed in the field of hematological malignancies, while the Company retains the right to develop and commercialize these compounds in the field of solid tumors. Michael Weiss, Chairman of the Board of Directors of Checkpoint and Fortress’ Executive Vice Chairman, Strategic Development, is also the Executive Chairman, President and Chief Executive Officer and a stockholder of TGTX. Under the terms of the Sublicense Agreement, TGTX paid the Company $1.0 million, representing an upfront licensing fee, and the Company is eligible to receive substantive potential milestone payments up to an aggregate of approximately $87.5 million upon TGTX’s successful achievement of preclinical, clinical development, and regulatory milestones. This is comprised of up to approximately $0.3 million upon TGTX’s successful achievement of one preclinical milestone, up to approximately $25.5 million upon TGTX’s successful completion of three clinical development milestones for two licensed products, and up to approximately $61.7 million upon the achievement of five regulatory approvals and first commercial sales in specified territories for two licensed products. In addition, the Company is eligible to receive potential milestone payments up to an aggregate of $89.0 million upon TGTX’s successful achievement of three sales milestones based on aggregate net sales by TGTX, for two licensed products, in addition to royalty payments based on a mid-single digit percentage of net sales by TGTX. TGTX also pays the Company 50% of IND enabling costs and patent expenses. For the year ended December 31, 2016, the Company recognized $1.5 million in revenue related to the sublicense agreement in the Statements of Operations. There was no related revenue recognized during 2015.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Agreements
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 4 – Related Party Agreements
 
Founders Agreement and Management Services Agreement with Fortress
 
Effective March 17, 2015, the Company entered into a Founders Agreement with Fortress, which was amended and restated on July 11, 2016 (the “Founders Agreement”). The Founders Agreement provides, that in exchange for the time and capital expended in the formation of Checkpoint and the identification of specific assets the acquisition of which result in the formation of a viable emerging growth life science company, the Company assumed $2.8 million in debt that Fortress accumulated under the NSC Note (see Note 5) for expenses and costs of forming Checkpoint, and the Company shall also: (i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoint’s voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoint’s annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%). The Founders Agreement has a term of fifteen years, after which it automatically renews for one year periods unless Fortress gives the Company notice of termination. The Founders Agreement also will automatically terminate upon a change of control.
 
Effective March 17, 2015, the Company entered into a Management Services Agreement (the “MSA”) with Fortress. Pursuant to the terms of the MSA, for a period of five (5) years, Fortress will render advisory and consulting services to the Company. Services provided under the MSA may include, without limitation, (i) advice and assistance concerning any and all aspects of Checkpoint’s operations, clinical trials, financial planning and strategic transactions and financings and (ii) conducting relations on behalf of our Company with accountants, attorneys, financial advisors and other professionals (collectively, the “Services”). The Company is obligated to utilize clinical research services, medical education, communication and marketing services and investor relations/public relation services of companies or individuals designated by Fortress, provided those services are offered at market prices. However, the Company is not obligated to take or act upon any advice rendered from Fortress and Fortress shall not be liable for any of our actions or inactions based upon their advice. Fortress and its affiliates, including all members of its Board of Directors, have been contractually exempt from fiduciary duties to the Company relating to corporate opportunities. In consideration for the Services, the Company will pay Fortress an annual consulting fee of $0.5 million (the “Annual Consulting Fee”), payable in advance in equal quarterly installments on the first business day of each calendar quarter in each year, provided, however, that such Annual Consulting Fee shall be increased to $1.0 million for each calendar year in which the Company has net assets in excess of $100 million at the beginning of the calendar year. For the years ended December 31, 2016 and 2015, the Company recognized approximately $500,000 and $396,000, respectively in expense on its Statements of Operations related to the MSA.
 
Caribe BioAdvisors, LLC
 
In December 2016, the Company entered into an advisory agreement effective January 1, 2017 with Caribe BioAdvisors, LLC (“Caribe”), owned by Michael Weiss, to provide the advisory services of Mr. Weiss as Chairman of the Board. Pursuant to the agreement, Caribe will be paid an annual cash fee of $60,000, in addition to any and all annual equity incentive grants paid to members of the board.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Notes Payable
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 5 – Notes Payable
 
NSC Note
 
In March 2015, Fortress closed the private placement of a promissory note for $10 million through National Securities Corporation (“NSC”) and used the proceeds to acquire medical technologies and products. NSC, a wholly owned subsidiary of National Holdings, Inc., acted as the sole placement agent for the NSC Note. The NSC Note allowed Fortress to transfer a portion of the proceeds from the NSC Note to the Company pursuant to which the Company executed an identical NSC Note in favor of NSC. Accordingly, the Company assumed $2.8 million under the NSC Note as part of the Founders Agreement (see Note 4) and issued NSC 139,592 warrants to purchase its common stock, which was equal to twenty-five percent (25%) of the amount of NSC Note proceeds the Company received from Fortress divided by the lowest price at which the Company next sold common stock. The warrant issued has a term of 10 years and an exercise price equal to the par value of the Company’s common stock. In February 2016, the Company paid NSC $2.8 million representing repayment of the assumed NSC Note principal and accrued interest as of the date of payment. Approximately $324,000 of unamortized debt discount was accelerated into interest expense upon payment.
 
As of December 31, 2016, the Company’s portion of the NSC Note was $0. For the years ended December 31, 2016 and 2015, the Company recorded costs of approximately $324,000 and $89,000, respectively, related to the amortization of the debt discount and $20,000 and $146,000, respectively of interest expense at 8%, both recorded in interest expense in the Statements of Operations.
 
The following table summarizes the Company’s Amended NSC Note activities as of December 31, 2016 ($ in thousands).
 
 
 
NSC Note Payable
 
Discount
 
NSC Note Payable, Net
 
December 31, 2015 balance
 
$
2,792
 
$
(324)
 
$
2,468
 
Payment of NSC debt
 
 
(2,792)
 
 
-
 
 
(2,792)
 
Amortization of debt discount
 
 
-
 
 
324
 
 
324
 
December 31, 2016 balance
 
$
-
 
$
-
 
$
-
 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
Note 6 – Commitments and Contingencies
 
Leases
 
The Company is not a party to any leases for office space or equipment.
  
License Agreements
 
The Company has undertaken to make contingent milestone payments to the licensors of its portfolio of product candidates. In addition, the Company would pay royalties to such licensors based on a percentage of net sales of each product candidate following regulatory marketing approval (See Note 3).
 
Litigation
 
The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not determinable, then the Company accrues the minimum of the range of probable loss. As of December 31, 2016, there was no litigation against the Company.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Share-based Payments [Text Block]
Note 7 - Stockholders’ Equity
 
Common Stock 
 
The Company is authorized to issue 50,000,000 common shares with a par value of $0.0001 per share, of which 15,000,000 shares are designated as “Class A common stock”. As of December 31, 2016, there were 7,000,000 shares of Class A common stock issued and outstanding to Fortress. Dividends are to be distributed pro-rata to the Class A and common stock holders. The holders of common stock are entitled to one vote per share of common stock held. The Class A common stock holders are entitled to a number of votes per share equal to 1.1 times a fraction the numerator of which is the sum of the shares of outstanding common stock and the denominator of which is the number of shares of Class A common stock. Accordingly, the holder of shares of Class A common stock will be able to control or significantly influence all matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other business combination transactions. Each share of Class A common stock is convertible, at the option of the holder thereof, into one (1) fully paid and non-assessable share of common stock subject to adjustment for stock splits and combinations.
 
Offerings of Common Stock and Warrants
 
In December 2015, the Company closed on gross proceeds of $57.8 million, before commissions and expenses, in a series of private placement financings. Net proceeds from this offering were approximately $51.5 million. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 2,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $50,000 per unit. The warrants have a five-year term and are only exercisable for cash. 
 
In February 2016, the Company closed on proceeds of $0.6 million in a private placement of shares and warrants to Opus Point Healthcare Fund GP, LLC, a fund managed by Opus Point Partners Management, LLC, a related party. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 3,500 shares of common stock at an exercise price of $7.00 per share, for a purchase price of $45,000 per unit. The warrants have a five-year term and are only exercisable for cash. The Company issued 126,640 unregistered shares of common stock and 44,324 warrants in connection with this transaction. Due to the absence of a placement agent in this transaction, the net proceeds to, and warrants issued by, the Company were consistent with terms of the December 2015 third-party financing, which included the payment of fees and issuance of warrants to a placement agent.
 
Pursuant to the Founders Agreement, the Company issued 3,166 shares to Fortress, representing 2.5% of the aggregate number of shares of common stock issued in the offering noted above. For the year ended December 31, 2016, the Company recorded expense of approximately $14,000, related to this stock grant, which is included in general and administrative expenses in the Company's Statements of Operations.
 
Also pursuant to the Founders Agreement, the Company issued 721,699 and 688,755 shares of common stock to Fortress, representing 2.5% of the fully-diluted outstanding equity of Checkpoint, on March 17, 2017 and 2016, respectively (see Note 4). The Company recorded the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.  Contingent consideration is recorded when probable and reasonably estimable. The Company’s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company’s stage of development. Due to these uncertainties, the Company concluded that it could not reasonably estimate the contingent consideration until shares were actually issued on March 17. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $3.9 million and $3.0 million in research and development expenses during the years ended December 31, 2016 and 2015, respectively.
 
Equity Incentive Plan
 
The Company has in effect the Amended and Restated 2015 Incentive Plan (“2015 Incentive Plan’). The 2015 Incentive Plan was adopted in March 2015 by our stockholders. Under the 2015 Incentive Plan, the compensation committee of the Company’s board of directors is authorized to grant stock-based awards to directors, officers, employees and consultants. The plan authorizes grants to issue up to 2,000,000 shares of authorized but unissued common stock and expires 10 years from adoption and limits the term of each option to no more than 10 years from the date of grant.
 
Total shares available for the issuance of stock-based awards under the Company’s 2015 Incentive Plan was 321,000 shares at December 31, 2016.
 
Restricted Stock
 
In March 2015, the Company issued a restricted stock grant to Dr. Marasco for services in connection with its Scientific Advisory Board. Dr. Marasco was issued a grant for 1.5 million shares of common stock, which vested 25% on the first anniversary of the grant date and monthly thereafter for 48 months. The Company valued the restricted stock utilizing a discounted cash flow model to determine the weighted market value of invested capital, discounted by a lack of marketability of 44.8% and a weighted average cost of capital of 30%, resulting in a value of $0.065 per share on grant date. At December 31, 2015, the Company re-measured this non-employee restricted stock utilizing a market approach, based upon a third party financing. Such valuation resulted in a value of $4.39 per share utilizing a volatility of 83%, a risk free rate of return of 1.5% and a term of five years. At December 31, 2016, the Company re-measured this non-employee restricted stock utilizing a market approach, based primarily upon a third party financing. Such valuation resulted in a value of $5.43 per share utilizing a volatility of 80%, a risk free rate of return of 2.10% and a term of five years. For the years ended December 31, 2016 and 2015, in connection with this grant, the Company recorded expense of $2.5 million and $3.0 million, respectively, in research and development expenses on the Company’s Statements of Operations.
 
Certain employees and directors have been awarded restricted stock under the 2015 Incentive Plan. The Company incurred approximately $1.3 million and $0.3 million, respectively, related to stock-based compensation expense for the years ended December 31, 2016 and 2015, which is included in general and administrative expenses on the Company’s Statements of Operations. The Company incurred approximately $58,000 related to stock-based compensation expense for the year ended December 31, 2016, which is included in research and development expenses on the Company’s Statements of Operations There were no related expense recognized during the same period in 2015.
  
The following table summarizes restricted stock award activity for the year ended December 31, 2016.
 
 
 
 
 
Weighted Average
 
 
 
 
 
Grant Date Fair
 
 
 
Number of Units
 
Value
 
Nonvested at December 31, 2015
 
 
2,500,000
 
$
1.73
 
Granted
 
 
619,000
 
 
5.03
 
Vested
 
 
(585,937)
 
 
0.07
 
Nonvested at December 31, 2016
 
 
2,533,063
 
$
2.93
 
 
As of December 31, 2016, there was $4.3 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over weighted-average period of 1.8 years. This amount does not include 333,334 shares of restricted stock outstanding as of December 31, 2016 which are performance-based and vest upon achievement of certain corporate milestones. Stock-based compensation for these awards will be measured and recorded if and when it is probable that the milestone will be achieved.
 
Stock Options
 
During 2016, 60,000 stock options were granted to a consultant under the 2015 Incentive Plan with a $5.43 exercise price and a ten-year life. The stock options were valued using a Black-Scholes model with the following assumptions; volatility of 100.65%, risk free rate of 2.6% and effective life of 10 years.
 
The following table summarizes stock option award activity for the year ended December 31, 2016.
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted Average
 
Remaining Contractual
 
 
 
Stock Options
 
Exercise Price
 
Life (in years)
 
Outstanding as of December 31, 2015
 
 
-
 
$
-
 
 
-
 
Granted
 
 
60,000
 
 
5.43
 
 
 
 
Outstanding as of December 31, 2016
 
 
60,000
 
$
5.43
 
 
9.96
 
 
The weighted average remaining amortization period is approximately 10.0 years at December 31, 2016.
   
Warrants
 
A summary of warrant activities for year ended December 31, 2016 is presented below:
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted Average
 
Remaining Contractual
 
 
 
Warrants
 
Exercise Price
 
Life (in years)
 
Outstanding as of December 31, 2015
 
 
4,286,782
 
$
6.61
 
 
5.68
 
Granted
 
 
44,324
 
 
7.00
 
 
 
 
Outstanding as of December 31, 2016
 
 
4,331,106
 
$
6.62
 
 
4.67
 
 
Upon the exercise of warrants, the Company will issue new shares of its common stock.
  
Stock-Based Compensation
 
The following table summarizes stock-based compensation expense for the years ended December 31, 2016 and 2015 ($ in thousands).
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Research and development
 
$
2,557
 
$
2,987
 
General and administrative
 
 
1,310
 
 
265
 
Total stock-based compensation expense
 
$
3,867
 
$
3,252
 
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 8 - Income Taxes
 
The Company has accumulated net losses since inception and has not recorded an income tax provision or benefit during the years ended December 31, 2016 and 2015.
 
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
 
 
 
For the years ended December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Statutory federal income tax rate
 
 
35
%
 
35
%
State taxes, net of federal tax benefit
 
 
1
%
 
5
%
Annual equity fee
 
 
-
 
 
(9)
%
Credits
 
 
3
%
 
1
%
Rate change
 
 
(2)
%
 
-
 
Provision to return
 
 
5
%
 
-
 
Stock based compensation shortfall
 
 
(4)
%
 
-
 
Other
 
 
(2)
%
 
-
 
Change in valuation allowance
 
 
(36)
%
 
(32)
%
Income taxes provision (benefit)
 
 
-
 
 
-
 
 
The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):
 
 
 
As of December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
5,148
 
$
1,657
 
Stock compensation and other
 
 
1,624
 
 
1,299
 
Change in fair value of warrant liabilities
 
 
157
 
 
175
 
Amortization of license
 
 
4,656
 
 
1,210
 
Accruals and reserves
 
 
25
 
 
-
 
Tax credits
 
 
733
 
 
115
 
Start Up Costs
 
 
54
 
 
-
 
Total deferred tax assets
 
 
12,397
 
 
4,456
 
Less valuation allowance
 
 
(12,397)
 
 
(4,456)
 
Deferred tax asset, net of valuation allowance
 
$
-
 
$
-
 
 
The Company has determined, based upon available evidence, that it is more likely than not that the net deferred tax asset will not be realized and, accordingly, has provided a full valuation allowance against its net deferred tax asset. A valuation allowance of approximately $12.4 million and $4.5 million was recorded for the years ended December 31, 2016 and 2015, respectively.
 
As of December 31, 2016, the Company had federal and state net operating loss carryforwards of approximately $14.3 million and $3.0 million, respectively. The federal and state net operating loss carryforwards will begin to expire, if not utilized, by 2035 and 2025, respectively. Utilization of the net operating loss carryforward may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended and similar state provisions. In December 2015, the Company experienced an ownership change as a result of an issuance of its common stock. Utilization of the Company’s net operating loss may be subject to substantial limitation.
 
There are no significant matters determined to be unrecognized tax benefits taken or expected to be taken in a tax return, in accordance with ASC 740 “Income Taxes” (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements, that have been recorded on the Company’s financial statements for the year ended December 31, 2016. The Company does not anticipate a material change to unrecognized tax benefits in the next twelve months.
 
Additionally, ASC 740 provides guidance on the recognition of interest and penalties related to income taxes. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the period ended December 31, 2016.
 
The federal and state tax returns for the periods ended December 31, 2016 and 2015 are currently open for examination under the applicable federal and state income tax statues of limitations.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurement
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
Note 9 - Fair Value Measurement
 
Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
The following table sets forth the changes in the estimated fair value for Level 3 classified derivative contingently issuable warrant liability at December 31, 2015 (in thousands):
 
 
 
Contingently
 
 
 
Issuable
 
 
 
Warrants
 
Fair value, January 1, 2015
 
$
-
 
Additions
 
 
175
 
Change in fair value
 
 
438
 
Issuance of Warrants (October 30, 2015)
 
 
(613)
 
Fair value, December 31, 2015
 
$
-
 
 
The fair value of the Contingently Issuable Warrants was determined at various issuance dates from March 19, 2015 to August 31, 2015 (“Issuance Dates”) for $0.2 million and on October 30, 2015 for $0.6 million by applying management’s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model with the following key assumptions:
 
 
 
 
 
October 30,
 
 
 
Issuance Dates
 
2015
 
Risk-free Interest rate
 
 
2.26
%
 
2.16
%
Expected dividend yield
 
 
-
 
 
-
 
Expected term in years
 
 
10.00
 
 
10.00
 
Expected volatility
 
 
83
%
 
100.86
%
Probability of issuance of the warrant
 
 
25
%
 
100
%
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]
Note 10 – Accounts Payable and Accrued Expenses
 
At December 31, 2016 and 2015, accounts payable and accrued expenses consisted of the following:
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Accounts payable
 
$
2,473
 
$
917
 
Accrued compensation
 
 
291
 
 
43
 
Research and development
 
 
378
 
 
262
 
Other
 
 
213
 
 
66
 
Accounts payable and accrued expenses - related party
 
 
318
 
 
502
 
Total accounts payable and accrued expenses
 
$
3,673
 
$
1,790
 
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
Note 11 – Quarterly Financial Data (Unaudited)
 
(in thousands, except per share data)
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
277
 
$
1,249
 
$
546
 
$
498
 
Operating expenses
 
$
3,549
 
$
6,667
 
$
5,685
 
$
8,833
 
Other income/(expense)
 
$
(333)
 
$
13
 
$
11
 
$
12
 
Net loss
 
$
(3,605)
 
$
(5,405)
 
$
(5,128)
 
$
(8,323)
 
Basic and diluted net loss per common share
 
$
(0.17)
 
$
(0.25)
 
$
(0.24)
 
$
(0.38)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
500
 
$
-
 
$
25
 
$
65
 
Operating expenses
 
$
2,117
 
$
475
 
$
3,704
 
$
7,515
 
Other income/(expense)
 
$
-
 
$
-
 
$
(70)
 
$
(601)
 
Net loss
 
$
(1,617)
 
$
(475)
 
$
(3,749)
 
$
(8,051)
 
Basic and diluted net loss per common share
 
$
(0.20)
 
$
(0.06)
 
$
(0.44)
 
$
(0.55)
 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
 
The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The Company has no subsidiaries.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
 
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Receivables, Policy [Policy Text Block]
Other Receivables – Related Party
 
Other receivables consist of amounts due to the Company from TGTX, a related party, and are recorded at the invoiced amount (see Note 3).
Research and Development Expense, Policy [Policy Text Block]
Research and Development Costs
 
Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Upfront and milestone payments due to third parties that perform research and development services on the Company’s behalf will be expensed as services are rendered or when the milestone is achieved.
 
Research and development costs primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies.
 
In accordance with Accounting Standards Codification (“ASC”) 730-10-25-1, Research and Development, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached commercial feasibility and has no alternative future use. Such licenses purchased by the Company require substantial completion of research and development, regulatory and marketing approval efforts in order to reach commercial feasibility and has no alternative future use.
Equity Method Investments, Policy [Policy Text Block]
Annual Equity Fee
 
Under the Founder’s Agreement with Checkpoint dated March 17, 2015, and amended and restated on July 11, 2016, Fortress is entitled to an annual equity fee on each anniversary of the Agreement equal to 2.5% of fully diluted outstanding equity, payable in Checkpoint common shares (“Annual Equity Fee”). The Annual Equity Fee was part of the consideration payable for formation of the Company, identification of certain assets, including the license contributed to Checkpoint by Fortress.
 
The Company records the Annual Equity Fee in connection with the Founders Agreement with Fortress as contingent consideration.  Contingent consideration is recorded when probable and reasonably estimable. The Company’s future share prices and shares outstanding cannot be estimated prior to the issuance of the Annual Equity Fee due to the nature of its assets and the Company’s stage of development. Due to these uncertainties, the Company has concluded that it is unable to reasonably estimate the contingent consideration until shares are actually issued on March 17 of each year. Because the issuance of shares on March 17, 2017 and 2016 occurred prior to the issuance of the December 31, 2016 and 2015 financial statements, the Company recorded $3.9 million and $3.0 million in research and development expense and a credit to Common shares issuable - Founders Agreement during the years ended December 31, 2016 and 2015, respectively.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation Expenses
 
The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards and forfeiture rates. For stock-based compensation awards to non-employees, the Company re-measures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as stock-based compensation expense in the period of change.
 
The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model or 409A valuations as applicable. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
Fair Value Measurement, Policy [Policy Text Block]
Fair Value Measurement
 
The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Under this accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.
 
The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:
 
Level 1: Quoted prices in active markets for identical assets or liabilities.
 
Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.
 
Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.
 
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition
 
Collaborative Arrangements
 
The Company is paid by TGTX, a related party, a share of the cost of the license, development and future milestone payments that are payable under the agreements as described in Note 3. The gross amount of these payments are reported as revenue in the accompanying Statements of Operations. The Company acts as a principal, bears credit risk, obtains subcontractors and may perform part of the services required in the transactions. Consistent with ASC 605-45-15 these payments are treated as revenue to the Company. The actual expenses creating the payments by TGTX are reflected as research and development expenses.
 
The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.
 
The Company follows ASC 605-25, Revenue Recognition - Multiple-Element Arrangements and ASC 808, Collaborative Arrangements, if applicable, to determine the recognition of revenue under our collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and/or (iv) participation on joint research and/or joint development committees. The payments we may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales.
 
ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable.
  
To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria.
 
If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the Balance Sheet and recognized as revenue in the Statements of Operations when the related revenue recognition criteria are met. See Note 3 for a description of the collaborative arrangement.
 
Revenue Recognition - Milestone Method
 
The Company follows ASC 605-28, Revenue Recognition-Milestone Method to evaluate whether each milestone under a license agreement is substantive. This evaluation includes an assessment of whether (i) the consideration is commensurate with either (a) the entity's performance to achieve the milestone, or (b) the enhancement of the value of the delivered item as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (ii) the consideration relates solely to past performance and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the preclinical, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. If a substantive milestone is achieved, the Company would recognize revenue related to the milestone in its entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met.  Commercial milestones would be accounted for as royalties and recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria were met.
Income Tax, Policy [Policy Text Block]
Income Taxes
 
The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if management believes it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit.
 
The Company files a separate tax return under Subchapter C of the Internal Revenue Code. Prior to October 1, 2015, the Company was a subsidiary included in the consolidated tax return of Fortress. As a result of issuances of its common stock, the Company exited the consolidated tax group for federal and state income tax purposes. For financial reporting purposes, the Company calculated income tax provision and deferred income tax balances for the year ended December 31, 2015 as if it was a separate entity and had filed its own separate tax return under Subchapter C of the Internal Revenue Code.
Derivatives, Reporting of Derivative Activity [Policy Text Block]
Valuation of Warrant Related to NSC Note
 
In accordance with ASC 815, the Company classified the fair value of the warrant (“Contingently Issuable Warrants”) that may have been granted in connection with the promissory note through National Securities Corporation (the “NSC Note”) transferred to the Company in various tranches from March 19, 2015 to August 31, 2015 as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using an option pricing model (which approximates intrinsic value) with estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management’s estimate of the probability of issuance of the Contingently Issuable Warrants (see Note 9). At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company’s Statement of Operations.
Earnings Per Share, Policy [Policy Text Block]
Net Loss per Share
 
Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Since dividends are declared, paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. There are 2,533,063 shares of unvested restricted stock, 4,331,106 warrants and 60,000 options outstanding as of December 31, 2016, which are not included in the computation of net loss per share.
 
For the years ended December 31, 2016 and 2015, the Company had a net loss of $1.04 and $1.41 per share, respectively, on 21,544,205 and 9,855,668 weighted average common shares outstanding, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Standards 
 
In January 2017, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the impact of adopting this guidance.
 
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of this new pronouncement on its statements of cash flows.
  
In March 2016, the FASB issued ASU No. 2016-09 Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect this standard to have a material impact on our financial statements upon adoption.
 
In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” (“ASU 2016-08”). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. The amendments in ASU 2016-08 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of implementation and transition approach of ASU 2016-08 on its financial statements and related disclosures, including the impact the new ASU will have on its collaborative arrangements accounted for pursuant to ASC 808.
 
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the method of adoption and the impact of adopting ASU 2016-02 on its financial statements. Since the Company currently does not have any leases, it does not expect this guidance to have a material impact on its financial statements.
 
In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU No. 2015-17 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.
 
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-03 and such adoption resulted in debt issuance costs presented as an offset against notes payable, long-term, in the accompanying balance sheet.
 
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that will require management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. The Company adopted ASU No. 2014-15 in the fourth quarter of 2016, and its adoption did not have a material impact on the Company’s financial statements.
 
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP. The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will now be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements. When adopted, the Company does not expect this guidance to have a material impact on its financial statements.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
The following table summarizes the Company’s Amended NSC Note activities as of December 31, 2016 ($ in thousands).
 
 
 
NSC Note Payable
 
Discount
 
NSC Note Payable, Net
 
December 31, 2015 balance
 
$
2,792
 
$
(324)
 
$
2,468
 
Payment of NSC debt
 
 
(2,792)
 
 
-
 
 
(2,792)
 
Amortization of debt discount
 
 
-
 
 
324
 
 
324
 
December 31, 2016 balance
 
$
-
 
$
-
 
$
-
 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Nonvested Restricted Stock Shares Activity [Table Text Block]
The following table summarizes restricted stock award activity for the year ended December 31, 2016.
 
 
 
 
 
Weighted Average
 
 
 
 
 
Grant Date Fair
 
 
 
Number of Units
 
Value
 
Nonvested at December 31, 2015
 
 
2,500,000
 
$
1.73
 
Granted
 
 
619,000
 
 
5.03
 
Vested
 
 
(585,937)
 
 
0.07
 
Nonvested at December 31, 2016
 
 
2,533,063
 
$
2.93
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes stock option award activity for the year ended December 31, 2016.
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted Average
 
Remaining Contractual
 
 
 
Stock Options
 
Exercise Price
 
Life (in years)
 
Outstanding as of December 31, 2015
 
 
-
 
$
-
 
 
-
 
Granted
 
 
60,000
 
 
5.43
 
 
 
 
Outstanding as of December 31, 2016
 
 
60,000
 
$
5.43
 
 
9.96
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
A summary of warrant activities for year ended December 31, 2016 is presented below:
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted Average
 
Remaining Contractual
 
 
 
Warrants
 
Exercise Price
 
Life (in years)
 
Outstanding as of December 31, 2015
 
 
4,286,782
 
$
6.61
 
 
5.68
 
Granted
 
 
44,324
 
 
7.00
 
 
 
 
Outstanding as of December 31, 2016
 
 
4,331,106
 
$
6.62
 
 
4.67
 
Schedule of Share-based Compensation, Activity [Table Text Block]
The following table summarizes stock-based compensation expense for the years ended December 31, 2016 and 2015 ($ in thousands).
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Research and development
 
$
2,557
 
$
2,987
 
General and administrative
 
 
1,310
 
 
265
 
Total stock-based compensation expense
 
$
3,867
 
$
3,252
 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
 
 
 
For the years ended December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Statutory federal income tax rate
 
 
35
%
 
35
%
State taxes, net of federal tax benefit
 
 
1
%
 
5
%
Annual equity fee
 
 
-
 
 
(9)
%
Credits
 
 
3
%
 
1
%
Rate change
 
 
(2)
%
 
-
 
Provision to return
 
 
5
%
 
-
 
Stock based compensation shortfall
 
 
(4)
%
 
-
 
Other
 
 
(2)
%
 
-
 
Change in valuation allowance
 
 
(36)
%
 
(32)
%
Income taxes provision (benefit)
 
 
-
 
 
-
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):
 
 
 
As of December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
5,148
 
$
1,657
 
Stock compensation and other
 
 
1,624
 
 
1,299
 
Change in fair value of warrant liabilities
 
 
157
 
 
175
 
Amortization of license
 
 
4,656
 
 
1,210
 
Accruals and reserves
 
 
25
 
 
-
 
Tax credits
 
 
733
 
 
115
 
Start Up Costs
 
 
54
 
 
-
 
Total deferred tax assets
 
 
12,397
 
 
4,456
 
Less valuation allowance
 
 
(12,397)
 
 
(4,456)
 
Deferred tax asset, net of valuation allowance
 
$
-
 
$
-
 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table sets forth the changes in the estimated fair value for Level 3 classified derivative contingently issuable warrant liability at December 31, 2015 (in thousands):
 
 
 
Contingently
 
 
 
Issuable
 
 
 
Warrants
 
Fair value, January 1, 2015
 
$
-
 
Additions
 
 
175
 
Change in fair value
 
 
438
 
Issuance of Warrants (October 30, 2015)
 
 
(613)
 
Fair value, December 31, 2015
 
$
-
 
Checkpoint [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The fair value of the Contingently Issuable Warrants was determined at various issuance dates from March 19, 2015 to August 31, 2015 (“Issuance Dates”) for $0.2 million and on October 30, 2015 for $0.6 million by applying management’s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model with the following key assumptions:
 
 
 
 
 
October 30,
 
 
 
Issuance Dates
 
2015
 
Risk-free Interest rate
 
 
2.26
%
 
2.16
%
Expected dividend yield
 
 
-
 
 
-
 
Expected term in years
 
 
10.00
 
 
10.00
 
Expected volatility
 
 
83
%
 
100.86
%
Probability of issuance of the warrant
 
 
25
%
 
100
%
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
At December 31, 2016 and 2015, accounts payable and accrued expenses consisted of the following:
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Accounts payable
 
$
2,473
 
$
917
 
Accrued compensation
 
 
291
 
 
43
 
Research and development
 
 
378
 
 
262
 
Other
 
 
213
 
 
66
 
Accounts payable and accrued expenses - related party
 
 
318
 
 
502
 
Total accounts payable and accrued expenses
 
$
3,673
 
$
1,790
 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Table Text Block]
(in thousands, except per share data)
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
277
 
$
1,249
 
$
546
 
$
498
 
Operating expenses
 
$
3,549
 
$
6,667
 
$
5,685
 
$
8,833
 
Other income/(expense)
 
$
(333)
 
$
13
 
$
11
 
$
12
 
Net loss
 
$
(3,605)
 
$
(5,405)
 
$
(5,128)
 
$
(8,323)
 
Basic and diluted net loss per common share
 
$
(0.17)
 
$
(0.25)
 
$
(0.24)
 
$
(0.38)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
500
 
$
-
 
$
25
 
$
65
 
Operating expenses
 
$
2,117
 
$
475
 
$
3,704
 
$
7,515
 
Other income/(expense)
 
$
-
 
$
-
 
$
(70)
 
$
(601)
 
Net loss
 
$
(1,617)
 
$
(475)
 
$
(3,749)
 
$
(8,051)
 
Basic and diluted net loss per common share
 
$
(0.20)
 
$
(0.06)
 
$
(0.44)
 
$
(0.55)
 
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Organization, Plan of Business Operations (Details Textual) - USD ($)
 1 Months Ended
Sep. 18, 2015
Feb. 29, 2016
Feb. 23, 2016
Dec. 31, 2016
Dec. 31, 2015
Retained Earnings (Accumulated Deficit)       $ (36,353,000) $ (13,892,000)
Common Stock, Par or Stated Value Per Share       $ 0.0001 $ 0.0001
Placement Agency Agreement Offering [Member]          
Proceeds from Issuance of Private Placement $ 51,500,000        
Sale of Stock, Number of Shares Issued in Transaction 10,000        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights 2,500        
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 7.00        
Sale of Stock, Consideration Received on Transaction $ 50,000        
Class Of Warrant Or Right Exercisable Term Of Warrants 5 years        
Common Stock, Par or Stated Value Per Share $ 0.0001        
Opus Point Healthcare Fund GP, LLC [Member]          
Proceeds from Issuance of Private Placement   $ 600,000 $ 600,000    
Sale of Stock, Number of Shares Issued in Transaction   10,000 10,000    
Class of Warrant or Right, Number of Securities Called by Warrants or Rights     3,500    
Class of Warrant or Right, Exercise Price of Warrants or Rights   $ 7.00 $ 7.00    
Sale of Stock, Consideration Received on Transaction   $ 45,000 $ 45,000    
Class Of Warrant Or Right Exercisable Term Of Warrants     5 years    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Mar. 17, 2015
Equity Method Investment, Annual Equity Fee, Percentage                       2.50%
Issuance of Stock and Warrants for Services or Claims $ 0                 $ 14 $ 1,269  
Earnings Per Share, Basic and Diluted $ 0 $ (0.38) $ (0.24) $ (0.25) $ (0.17) $ (0.55) $ (0.44) $ (0.06) $ (0.20) $ (1.04) $ (1.41)  
Weighted Average Number of Shares Outstanding, Basic and Diluted 8,000,000                 21,544,205 9,855,668  
Research and Development Expense [Member]                        
Issuance of Stock and Warrants for Services or Claims                   $ 3,900 $ 3,000  
Restricted Stock [Member]                        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                   2,533,063    
Warrant [Member]                        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                   4,331,106    
Employee Stock Option [Member]                        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                   60,000    
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
License Agreements (Details Textual) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
May 31, 2016
Sep. 30, 2015
May 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Stock Issued During Period, Value, Issued for Services           $ 14,000 $ 1,269,000
Proceeds from Issuance of Common Stock         $ 0 570,000 51,496,000
Neupharma [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Payment Of Upfront Fees       $ 1,000,000      
Reimbursement Of Cost Recognized As Revenue           1,000,000  
Payment For Non refundable Milestone payments           1,000,000  
Neupharma [Member] | Additional Sales Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Maximum Potential Milestone Payments           22,500,000  
Neupharma [Member] | Clinical Development Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Maximum Potential Milestone Payments           40,000,000  
Neupharma [Member] | Regulatory Approvals To Commercialize The Products [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Maximum Potential Milestone Payments           40,000,000  
Dana-Farber [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Shares Issued, Price Per Share     $ 0.065        
Stock Issued During Period, Shares, Issued for Services   136,830 500,000        
Stock Issued During Period, Value, Issued for Services   $ 600,000 $ 32,500        
Payment Of Upfront Fees       $ 1,000,000      
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners     5.00%        
Proceeds from Issuance of Common Stock   $ 10,000,000          
Dana-Farber [Member] | First Commercial Sale Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due           21,500,000  
Maximum Potential Milestone Payments           21,500,000  
Dana-Farber [Member] | Additional Sales Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due           60,000,000  
Maximum Potential Milestone Payments           60,000,000  
Teva Pharmaceutical Industries Ltd [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Payment Of Upfront Fees           500,000  
Teva Pharmaceutical Industries Ltd [Member] | Clinical Development Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
License Expense           206,500,000  
Teva Pharmaceutical Industries Ltd [Member] | Regulatory Approvals To Commercialize The Products [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
License Expense           220,000,000  
Jubilant Biosys Ltd [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Payments for Other Fees $ 1,000,000            
Payment Of Upfront Fees 2,000,000            
Revenue Recognition Milestone Method, Payments Due $ 87,500,000            
Revenue Recognition, Milestone Method, Revenue Recognized           1,500,000  
Research and Development Cost, Shared Percentage 50.00%            
Jubilant Biosys Ltd [Member] | Clinical Development Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Maximum Potential Milestone Payments           89,000,000  
Jubilant Biosys Ltd [Member] | Regulatory Approvals To Commercialize The Products [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
License Expense $ 59,500,000            
Jubilant Biosys Ltd [Member] | Successful Achievement Of One Preclinical Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due 300,000            
Jubilant Biosys Ltd [Member] | Completion Of Three Clinical Development Milestones For Two Licensed Products [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due 25,500,000            
Jubilant Biosys Ltd [Member] | Five Regulatory Approvals And First Commercial Sales [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Maximum Potential Milestone Payments 61,700,000            
Jubilant Biosys Ltd [Member] | Three Sales Milestones Based On Aggregate Net Sales [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due 89,000,000            
Jubilant Biosys Ltd [Member] | Sale Millstone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
License Expense $ 89,000,000            
Collaboration Agreement With TGTX [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition, Milestone Method, Revenue Recognized           42,000 $ 500,000
Payment Of Upfront Licensing Fee           500,000  
Collaboration Agreement With TGTX [Member] | Clinical Development Milestone [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due           7,000,000  
Collaboration Agreement With TGTX [Member] | Commercial Sales In Specified Territories [Member]              
Research and Development Arrangement, Contract to Perform for Others [Line Items]              
Revenue Recognition Milestone Method, Payments Due           $ 14,500,000  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Agreements (Details Textual) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2016
Mar. 17, 2015
Dec. 31, 2016
Dec. 31, 2015
Related Party Transaction [Line Items]        
Agreement Description Terms   (i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoints voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoints annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).    
Management Services Agreement [Member]        
Related Party Transaction [Line Items]        
Annual Consulting Fee   $ 500,000    
Increase In Annual Consulting Fee   1,000,000    
Excess In Net Assets Value   100,000,000    
Costs and Expenses, Related Party     $ 500,000 $ 396,000
Fortress Biotech, Inc [Member] | Founders Agreement [Member]        
Related Party Transaction [Line Items]        
Long-term Debt, Gross   $ 2,800,000    
Caribe Boiadvisors LLC [Member]        
Related Party Transaction [Line Items]        
Advisory Service Fee $ 60,000      
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Notes Payable (Details) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Feb. 29, 2016
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Debt [Line Items]        
Amortization of debt discount   $ 0 $ 324,000 $ 89,000
Discount, Ending $ 324,000      
NSC Note Payable, Net, Beginning     2,468,000  
Payment of NSC debt, Net   $ 0 (2,792,000) 0
NSC Note Payable, Net, Ending     0 2,468,000
NSC Note [Member]        
Debt [Line Items]        
Notes Payable, Beginning     2,792,000  
Payment of NSC debt $ (2,800,000)   (2,792,000)  
Notes Payable, Ending     0 2,792,000
Discount, Beginning     (324,000)  
Amortization of debt discount     324,000 89,000
Discount, Ending     0 (324,000)
NSC Note Payable, Net, Beginning     2,468,000  
Payment of NSC debt, Net     (2,792,000)  
Amortization of debt discount, Net     324,000  
NSC Note Payable, Net, Ending     $ 0 $ 2,468,000
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Notes Payable (Details Textual) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Feb. 29, 2016
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Debt [Line Items]          
Debt Instrument, Unamortized Discount (Premium), Net $ 324,000        
Amortization of Debt Discount (Premium)     $ 0 $ 324,000 $ 89,000
NSC Note [Member]          
Debt [Line Items]          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   139,592      
Class Of Warrant or Right ,Value Of Warrant On Proceeds On Note Payable, Percentage   25.00%      
Class Of warrant Or Right ,Warrant Term   10 years      
Repayments of Debt $ 2,800,000     2,792,000  
Debt Instrument, Unamortized Discount (Premium), Net       0 (324,000)
Amortization of Debt Discount (Premium)       324,000 89,000
Interest Expense, Debt       $ 20,000 146,000
Debt Instrument, Interest Rate, Stated Percentage       8.00%  
Long-term Debt, Gross   $ 2,800,000   $ 0 $ 2,792,000
NSC Note [Member] | Fortress Biotech, Inc [Member]          
Debt [Line Items]          
Notes Payable   $ 10,000,000      
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Details) - Restricted Stock [Member]
 12 Months Ended
Dec. 31, 2016
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested at December 31, 2015 | shares 2,500,000
Number of Units, Granted | shares 619,000
Number of Units, Vested | shares (585,937)
Nonvested at December 31, 2016 | shares 2,533,063
Nonvested at December 31, 2015 | $ / shares $ 1.73
Weighted Average Grant Date Fair Value, Granted | $ / shares 5.03
Weighted Average Grant Date Fair Value, Vested | $ / shares 0.07
Nonvested at December 31, 2016 | $ / shares $ 2.93
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Details 1) - Warrant [Member] - $ / shares
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Warrants, Outstanding 4,286,782  
Number of Units, Granted 44,324  
Number of Warrants, Outstanding 4,331,106 4,286,782
Nonvested at December 31, 2015 $ 6.61  
Weighted Average Exercise Price, Granted 7.00  
Nonvested at December 31, 2016 $ 6.62 $ 6.61
Weighted Average Remaining Contractual Life, Outstanding (in years) 4 years 8 months 1 day 5 years 8 months 5 days
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Details 2) - $ / shares
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number Of Stock Options , Outstanding (Begining) 0  
Number Of Stock Options , Granted 60,000  
Number Of Stock Options , Outstanding (Endining) 60,000 0
Weighted Average Exercise Price , Outstanding (Begining) $ 0  
Weighted Average Exercise Price , Granted 5.43  
Weighted Average Exercise Price , Outstanding (Endining) $ 5.43 $ 0
Weighted Average Remaining Contractual Life, Granted (in years) 9 years 11 months 16 days 0 years
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Details 3) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee Benefits and Share-based Compensation $ 3,867 $ 3,252
Research and Development Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee Benefits and Share-based Compensation 2,557 2,987
General and Administrative Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee Benefits and Share-based Compensation $ 1,310 $ 265
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Details Textual) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Mar. 17, 2017
Mar. 17, 2016
Feb. 29, 2016
Feb. 23, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Mar. 17, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common Stock, Shares Authorized         50,000,000     50,000,000 50,000,000  
Common Stock, Par or Stated Value Per Share         $ 0.0001     $ 0.0001 $ 0.0001  
Common Stock, Shares, Issued         15,989,315     17,426,876 15,989,315  
Common Stock, Shares, Outstanding         15,989,315     17,426,876 15,989,315  
Stock Issued During Period, Value, New Issues             $ 0      
Share-based Compensation             0 $ 3,867,000 $ 3,252,000  
Equity Method Investment, Annual Equity Fee, Percentage                   2.50%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross               60,000    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options               $ 4,300,000    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price               $ 5.43    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term               9 years 11 months 16 days 0 years  
Issuance of Stock and Warrants for Services or Claims             0 $ 14,000 $ 1,269,000  
Private Placement [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Proceeds from Issuance of Private Placement         $ 51,500,000          
Stock Issued During Period, Value, New Issues         $ 57,800,000          
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right         2,500       2,500  
Class of Warrant or Right, Exercise Price of Warrants or Rights         $ 7.00       $ 7.00  
Class Of warrant Or Right ,Warrant Term         5 years          
Sale of Stock, Number of Shares Issued in Transaction         10,000          
Sale of Stock, Consideration Received on Transaction         $ 50,000          
2015 Incentive Plan [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant               321,000    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period               10 years    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized               2,000,000    
Restricted Stock [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number         2,500,000     2,533,063 2,500,000  
Restricted Stock [Member] | Market Approach Valuation Method [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Weighted Market Value Percentage Of Invested Capital           44.80%        
Weighted Average Cost Percentage Of Capital           30.00%        
Share Price         $ 4.39 $ 0.065   $ 5.43 $ 4.39  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate               80.00% 83.00%  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate               2.10% 1.50%  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term               5 years 5 years  
Non-vested Resricted Stock [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition               1 year 9 months 18 days    
Performance Shares [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number               333,334    
Dr. Marasco [Member] | Share-based Compensation Award, Tranche One [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period           48 months        
Percentage of award vested on first anniversary date           25.00%        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross           1,500,000        
Consultant [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate               100.65%    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate               2.60%    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term               10 years    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross               60,000    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period               10 years    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price               $ 5.43    
General and Administrative Expense [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation               $ 1,300,000 $ 300,000  
Research and Development Expense [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation               58,000    
Issuance of Stock and Warrants for Services or Claims               3,900,000 3,000,000  
Research and Development Expense [Member] | Grant [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation               2,500,000 $ 3,000,000  
Opus Point Healthcare Fund GP, LLC [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Proceeds from Issuance of Private Placement     $ 600,000 $ 600,000            
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right     3,500              
Class of Warrant or Right, Exercise Price of Warrants or Rights     $ 7.00 $ 7.00            
Class Of warrant Or Right ,Warrant Term       5 years            
Stock Issued During Period, Shares, New Issues     126,640              
Number Of Warrant Issued     44,324              
Sale of Stock, Number of Shares Issued in Transaction     10,000 10,000            
Sale of Stock, Consideration Received on Transaction     $ 45,000 $ 45,000            
Fortress Biotech, Inc [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock Issued During Period, Shares, New Issues   688,755 3,166              
Share-based Compensation               $ 14,000    
Equity Method Investment, Annual Equity Fee, Percentage   2.50% 2.50%              
Fortress Biotech, Inc [Member] | Subsequent Event [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Stock Issued During Period, Shares, New Issues 721,699                  
Common Class A [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common Stock, Shares Authorized               15,000,000    
Common Stock, Shares, Issued         7,000,000     7,000,000 7,000,000  
Common Stock, Shares, Outstanding         7,000,000     7,000,000 7,000,000  
Stock Issued During Period, Value, New Issues             $ 1,000      
Stock Issued During Period, Shares, New Issues             7,000,000      
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Statutory federal income tax rate 35.00% 35.00%
State taxes, net of federal tax benefit 1.00% 5.00%
Annual equity fee 0.00% (9.00%)
Credits 3.00% 1.00%
Rate change (2.00%) 0.00%
Provision to return 5.00% 0.00%
Stock based compensation shortfall (4.00%) 0.00%
Other (2.00%) 0.00%
Change in valuation allowance (36.00%) (32.00%)
Income taxes provision (benefit) 0.00% 0.00%
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets:    
Net operating loss carryovers $ 5,148 $ 1,657
Stock compensation and other 1,624 1,299
Change in fair value of warrant liabilities 157 175
Amortization of license 4,656 1,210
Accruals and reserves 25 0
Tax credits 733 115
Start Up Costs 54 0
Total deferred tax assets 12,397 4,456
Less valuation allowance (12,397) (4,456)
Deferred tax asset, net of valuation allowance $ 0 $ 0
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Deferred Tax Assets, Valuation Allowance $ 12,397 $ 4,456
Domestic Tax Authority [Member]    
Operating Loss Carryforwards $ 14,300  
Operating Loss Carryforwards, Expiration Period 2035 years  
State and Local Jurisdiction [Member]    
Operating Loss Carryforwards $ 3,000  
Operating Loss Carryforwards, Expiration Period 2025 years  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurement (Details) - Checkpoint [Member] - Warrant [Member] - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 30, 2015
Dec. 31, 2015
Fair value, January 1, 2015   $ 0
Additions   175
Change in fair value   438
Issuance of Warrants (October 30, 2015) $ (613)  
Fair value, December 31, 2015   $ 0
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurement (Details 1) - Checkpoint [Member] - Warrant [Member]
 1 Months Ended 5 Months Ended
Oct. 30, 2015
Aug. 31, 2015
Risk-free Interest rate 2.16% 2.26%
Expected dividend yield 0.00% 0.00%
Expected term in years 10 years 10 years
Expected volatility 100.86% 83.00%
Probability of issuance of the warrant 100.00% 25.00%
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurement (Details Textual) - USD ($)
$ in Millions
 1 Months Ended 5 Months Ended
Oct. 30, 2015
Aug. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Value Of Warrants Issued $ 0.6 $ 0.2
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Accounts payable $ 2,473 $ 917
Accrued compensation 291 43
Research and development 378 262
Other 213 66
Accounts payable and accrued expenses - related party 318 502
Total accounts payable and accrued expenses $ 3,673 $ 1,790
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Total Revenue $ 0 $ 498 $ 546 $ 1,249 $ 277 $ 65 $ 25 $ 0 $ 500 $ 2,570 $ 590
Operating expenses 0 8,833 5,685 6,667 3,549 7,515 3,704 475 2,117 24,734 13,811
Other income/(expense) 0 12 11 13 (333) (601) (70) 0 0 (297) (671)
Net loss $ 0 $ (8,323) $ (5,128) $ (5,405) $ (3,605) $ (8,051) $ (3,749) $ (475) $ (1,617) $ (22,461) $ (13,892)
Basic and diluted net loss per common share $ 0 $ (0.38) $ (0.24) $ (0.25) $ (0.17) $ (0.55) $ (0.44) $ (0.06) $ (0.20) $ (1.04) $ (1.41)
EXCEL 56 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 57 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 58 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.6.0.2 html 147 229 1 false 48 0 false 4 false false R1.htm 101 - Document - Document And Entity Information Sheet http://www.checkpointtx.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 102 - Statement - BALANCE SHEETS Sheet http://www.checkpointtx.com/role/BalanceSheets BALANCE SHEETS Statements 2 false false R3.htm 103 - Statement - BALANCE SHEETS [Parenthetical] Sheet http://www.checkpointtx.com/role/BalanceSheetsParenthetical BALANCE SHEETS [Parenthetical] Statements 3 false false R4.htm 104 - Statement - STATEMENTS OF OPERATIONS Sheet http://www.checkpointtx.com/role/StatementsOfOperations STATEMENTS OF OPERATIONS Statements 4 false false R5.htm 105 - Statement - STATEMENTS OF STOCKHOLDERS' EQUITY Sheet http://www.checkpointtx.com/role/StatementsOfStockholdersEquity STATEMENTS OF STOCKHOLDERS' EQUITY Statements 5 false false R6.htm 106 - Statement - STATEMENTS OF CASH FLOWS Sheet http://www.checkpointtx.com/role/StatementsOfCashFlows STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 107 - Statement - STATEMENTS OF CASH FLOWS [Parenthetical] Sheet http://www.checkpointtx.com/role/StatementsOfCashFlowsParenthetical STATEMENTS OF CASH FLOWS [Parenthetical] Statements 7 false false R8.htm 108 - Disclosure - Organization, Plan of Business Operations Sheet http://www.checkpointtx.com/role/OrganizationPlanOfBusinessOperations Organization, Plan of Business Operations Notes 8 false false R9.htm 109 - Disclosure - Significant Accounting Policies Sheet http://www.checkpointtx.com/role/SignificantAccountingPolicies Significant Accounting Policies Notes 9 false false R10.htm 110 - Disclosure - License Agreements Sheet http://www.checkpointtx.com/role/LicenseAgreements License Agreements Notes 10 false false R11.htm 111 - Disclosure - Related Party Agreements Sheet http://www.checkpointtx.com/role/RelatedPartyAgreements Related Party Agreements Notes 11 false false R12.htm 112 - Disclosure - Notes Payable Notes http://www.checkpointtx.com/role/NotesPayable Notes Payable Notes 12 false false R13.htm 113 - Disclosure - Commitments and Contingencies Sheet http://www.checkpointtx.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 114 - Disclosure - Stockholders' Equity Sheet http://www.checkpointtx.com/role/StockholdersEquity Stockholders' Equity Notes 14 false false R15.htm 115 - Disclosure - Income Taxes Sheet http://www.checkpointtx.com/role/IncomeTaxes Income Taxes Notes 15 false false R16.htm 116 - Disclosure - Fair Value Measurement Sheet http://www.checkpointtx.com/role/FairValueMeasurement Fair Value Measurement Notes 16 false false R17.htm 117 - Disclosure - Accounts Payable and Accrued Expenses Sheet http://www.checkpointtx.com/role/AccountsPayableAndAccruedExpenses Accounts Payable and Accrued Expenses Notes 17 false false R18.htm 118 - Disclosure - Quarterly Financial Data (Unaudited) Sheet http://www.checkpointtx.com/role/QuarterlyFinancialDataUnaudited Quarterly Financial Data (Unaudited) Notes 18 false false R19.htm 119 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.checkpointtx.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://www.checkpointtx.com/role/SignificantAccountingPolicies 19 false false R20.htm 120 - Disclosure - Notes Payable (Tables) Notes http://www.checkpointtx.com/role/NotesPayableTables Notes Payable (Tables) Tables http://www.checkpointtx.com/role/NotesPayable 20 false false R21.htm 121 - Disclosure - Stockholders' Equity (Tables) Sheet http://www.checkpointtx.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://www.checkpointtx.com/role/StockholdersEquity 21 false false R22.htm 122 - Disclosure - Income Taxes (Tables) Sheet http://www.checkpointtx.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://www.checkpointtx.com/role/IncomeTaxes 22 false false R23.htm 123 - Disclosure - Fair Value Measurement (Tables) Sheet http://www.checkpointtx.com/role/FairValueMeasurementTables Fair Value Measurement (Tables) Tables http://www.checkpointtx.com/role/FairValueMeasurement 23 false false R24.htm 124 - Disclosure - Accounts Payable and Accrued Expenses (Tables) Sheet http://www.checkpointtx.com/role/AccountsPayableAndAccruedExpensesTables Accounts Payable and Accrued Expenses (Tables) Tables http://www.checkpointtx.com/role/AccountsPayableAndAccruedExpenses 24 false false R25.htm 125 - Disclosure - Quarterly Financial Data (Unaudited) (Tables) Sheet http://www.checkpointtx.com/role/QuarterlyFinancialDataUnauditedTables Quarterly Financial Data (Unaudited) (Tables) Tables http://www.checkpointtx.com/role/QuarterlyFinancialDataUnaudited 25 false false R26.htm 126 - Disclosure - Organization, Plan of Business Operations (Details Textual) Sheet http://www.checkpointtx.com/role/OrganizationPlanOfBusinessOperationsDetailsTextual Organization, Plan of Business Operations (Details Textual) Details http://www.checkpointtx.com/role/OrganizationPlanOfBusinessOperations 26 false false R27.htm 127 - Disclosure - Significant Accounting Policies (Details Textual) Sheet http://www.checkpointtx.com/role/SignificantAccountingPoliciesDetailsTextual Significant Accounting Policies (Details Textual) Details http://www.checkpointtx.com/role/SignificantAccountingPoliciesPolicies 27 false false R28.htm 128 - Disclosure - License Agreements (Details Textual) Sheet http://www.checkpointtx.com/role/LicenseAgreementsDetailsTextual License Agreements (Details Textual) Details http://www.checkpointtx.com/role/LicenseAgreements 28 false false R29.htm 129 - Disclosure - Related Party Agreements (Details Textual) Sheet http://www.checkpointtx.com/role/RelatedPartyAgreementsDetailsTextual Related Party Agreements (Details Textual) Details http://www.checkpointtx.com/role/RelatedPartyAgreements 29 false false R30.htm 130 - Disclosure - Notes Payable (Details) Notes http://www.checkpointtx.com/role/NotesPayableDetails Notes Payable (Details) Details http://www.checkpointtx.com/role/NotesPayableTables 30 false false R31.htm 131 - Disclosure - Notes Payable (Details Textual) Notes http://www.checkpointtx.com/role/NotesPayableDetailsTextual Notes Payable (Details Textual) Details http://www.checkpointtx.com/role/NotesPayableTables 31 false false R32.htm 132 - Disclosure - Stockholders' Equity (Details) Sheet http://www.checkpointtx.com/role/StockholdersEquityDetails Stockholders' Equity (Details) Details http://www.checkpointtx.com/role/StockholdersEquityTables 32 false false R33.htm 133 - Disclosure - Stockholders' Equity (Details 1) Sheet http://www.checkpointtx.com/role/StockholdersEquityDetails1 Stockholders' Equity (Details 1) Details http://www.checkpointtx.com/role/StockholdersEquityTables 33 false false R34.htm 134 - Disclosure - Stockholders' Equity (Details 2) Sheet http://www.checkpointtx.com/role/StockholdersEquityDetails2 Stockholders' Equity (Details 2) Details http://www.checkpointtx.com/role/StockholdersEquityTables 34 false false R35.htm 135 - Disclosure - Stockholders' Equity (Details 3) Sheet http://www.checkpointtx.com/role/StockholdersEquityDetails3 Stockholders' Equity (Details 3) Details http://www.checkpointtx.com/role/StockholdersEquityTables 35 false false R36.htm 136 - Disclosure - Stockholders' Equity (Details Textual) Sheet http://www.checkpointtx.com/role/StockholdersEquityDetailsTextual Stockholders' Equity (Details Textual) Details http://www.checkpointtx.com/role/StockholdersEquityTables 36 false false R37.htm 137 - Disclosure - Income Taxes (Details) Sheet http://www.checkpointtx.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://www.checkpointtx.com/role/IncomeTaxesTables 37 false false R38.htm 138 - Disclosure - Income Taxes (Details 1) Sheet http://www.checkpointtx.com/role/IncomeTaxesDetails1 Income Taxes (Details 1) Details http://www.checkpointtx.com/role/IncomeTaxesTables 38 false false R39.htm 139 - Disclosure - Income Taxes (Details Textual) Sheet http://www.checkpointtx.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) Details http://www.checkpointtx.com/role/IncomeTaxesTables 39 false false R40.htm 140 - Disclosure - Fair Value Measurement (Details) Sheet http://www.checkpointtx.com/role/FairValueMeasurementDetails Fair Value Measurement (Details) Details http://www.checkpointtx.com/role/FairValueMeasurementTables 40 false false R41.htm 141 - Disclosure - Fair Value Measurement (Details 1) Sheet http://www.checkpointtx.com/role/FairValueMeasurementDetails1 Fair Value Measurement (Details 1) Details http://www.checkpointtx.com/role/FairValueMeasurementTables 41 false false R42.htm 142 - Disclosure - Fair Value Measurement (Details Textual) Sheet http://www.checkpointtx.com/role/FairValueMeasurementDetailsTextual Fair Value Measurement (Details Textual) Details http://www.checkpointtx.com/role/FairValueMeasurementTables 42 false false R43.htm 143 - Disclosure - Accounts Payable and Accrued Expenses (Details) Sheet http://www.checkpointtx.com/role/AccountsPayableAndAccruedExpensesDetails Accounts Payable and Accrued Expenses (Details) Details http://www.checkpointtx.com/role/AccountsPayableAndAccruedExpensesTables 43 false false R44.htm 144 - Disclosure - Quarterly Financial Data (Unaudited) (Details) Sheet http://www.checkpointtx.com/role/QuarterlyFinancialDataUnauditedDetails Quarterly Financial Data (Unaudited) (Details) Details http://www.checkpointtx.com/role/QuarterlyFinancialDataUnauditedTables 44 false false All Reports Book All Reports ck0001651407-20161231.xml ck0001651407-20161231.xsd ck0001651407-20161231_cal.xml ck0001651407-20161231_def.xml ck0001651407-20161231_lab.xml ck0001651407-20161231_pre.xml true true ZIP 62 0001144204-17-015866-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-17-015866-xbrl.zip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�!Z\UQZ4F028_6;(R^/!'_%4^0V+%%>)#I MA5%?_L,A M?T$VYWF0& >S^4D@??K48?F4/!L,MS=W;?#$)T+/9X%$-9HMQ$XT T#4@C,( M9K98FON,ZCU.PF*'(#89F1QF0,BS2S26@08O[#9_"1<0O1=^QZ-F8^G2<:6[ M+M]P"#O*C>"@433J^CAV9OV'XS?L*9N_T,7S'JI\:9GU3]]".#;P*J+$KY : M1EAK!1SND:E&CZ:1\L"Z#UR;)ZH\!$_@0TZ1>"]#ZKC!,#BXP0IOMP>/,X#I M[D)_^5;W'0R@JWE9/S3!.\[4C-)?HOP\/,,&F\U@YUGQ>N#E<7[/$!_"^(&82$G8:N,"=86T+(] M^I*Q9M"M9UD2SJM=" $QR'7(NAA7A):D82KC?;CSMZ/XVR$J*$3YYBY' MJQXNQR92M: 5Y#LO0ACD:WLR_TI:,G]J6'WK1R5P(#_#&@@93!?(&2E%SQ=^ M>(U9E*Y!+71ZWCP$4AID5;!N81KIR.1J<#Y,_LII,G4J#:"#@ ,M I8G+71Y>6<1YZ26@\>BH-?8].C67-N0$." M*7./;K+!CQR6;RCWK3%1("^\>LHRT!)96/A6<(EM'()%W\-SLN.X)\OMI&<5 M.M("36#%*H^922RC@0:=Z?T\&[FTP@@S+0#?:)0P9S:Z[\7!Z"Q%M>\\$YH( M3%^U(#P:KB"D;ECR4[A7"=LQ_'D%7N*ZM(MW8(1EV,AS".(OM M +CJR'2Q3\^*J^*G)(^]DN4]"6'%_05.W*DMC_+DTFER!V.BKFMZ;MN97?VA MTDY3G82-VLG8J.NW2-V@<3S+K\=F3G&OE_P6I.LL<46;U-02E[PYN\P_B(W. M(5P[-":F;=+B",#Z]@M=T2LUL= 5[]ZTJ_4ZBUO1+W6K)ML+^SNNLZ#UIRKD MO&_^H C/\'&WV34WH>;9?%TKFJ^WYZR5K103:TI]:[L4JY! M\*+C0H;TC)=UA8D4P,8+ZZSHIII8V-(W;]O!>)TEKFBQ6G#OXK66M$';[,)Z MFJZUL/8ZO?R:J15NV'_P3X)SN8@Q? %$/Y-OU-*Y'=%;;^,*]]U!26H-9CHE M8;CY=GWR<=#,]"S:;G%S[!YU.V+-E&PC)/-KQPVK@6[=2TLS)TLZ&,<-%W\L MU6O);DZ,5B*[Z8O#L@[F^SEU5O1%:V=1LQ%0HARQU*: MJ!"H/@YY/,2P04Y$RN/-R2[P$O$W\+BGFAL%X&C7'#]=>4V#%ZX)#YGBH> S MH*2BO#"="7KJ7"A7\,AW>I*!S+>J-'?:Q>(S+F ML' 12Q7Q,##*N$ W?YJ@P3@ZLPSV\- \>D[8@((_"@_8DP$Q6C7II/K&',R9 M=QFQ^V1.D9C\(Y(P_>[1H.+G, (JY:A85EV!,AG>J;S#%FJ3PTA8Q75V#P#J.<.)L))D M$M-$59T0!-L.0:E()+%R2\^26=-U/'3S%O:HKD3.' $U'$ 6#B,B-T%$5/AY MK%,E-ZR,@&1S4:B9]/C'X_]',R$XL4V1V%C^0UB;X!JL;1=M+&R_.*8>&6R) MY(3VNQ6'W4*;6$= Z2+)O?"4@-)9XIP :-,3P::2:8C1LE-;922VBG7$1B'! M/3::.F/:>H");^"A\29KTW"B#(;(GAV'U^/''2S110V;O80UL;P REWTIOS7&B,N+&()''1J\;Z'C>^CBTHCENZ? *YH&-PP*:Z&H. M"RTYTK $X?L4I"AOWCP)Y\C$($=2UW29:(WZ1//5+(8P;JBS..N(=[<,D9?< MAU3OQ:@Y8A+R>+DF]D8?8SV547ZWVA2?J>WSEN2S=?ALZIH3S36M65*Y Q%Y MF-QJ1>H[#)XDVT]ZFD4#S8VPR@I3[%R@>*N1Z&PZ_X1%S1\:,7TC$\P3.#*Z M!<2'21!IQF"P)'K'F?89O]((&UCSZ!#1Q[9C.<^SI:^;1;TR8TYRW&?--O_B M1?BX&&QI';94I8UTPP^>#RABV**--9Y9:BVV'V%WSK6KY0TOXT1%!(D:6CA, MP0V[=@"U!"/LX$F_23\%O4P2/8X*4<]S=)/BA+JD;C1;"ZMF,&6AH5C:$R8A MXW?\IFCKO "K]E?&N&3@H2S>S"A'\O!J^'"9.KOJ MMYMG:O.LU3U3&TIDLRVRFF(3*22H4 NC*G6>L$*31E(CG@K9DZD'?8PUI90? M%ZJCJ.'+B+>WSC[*X&=;R(B@37CN.!L#IXR(YIEAMKH=7@KHIF5=E.>XQ@<# MX%QYP/:HT1+C<,O3+%,92T/B]#0-.=*D#6DG4XN$$?9%X#22+)9NF*SQ:798 M>.VX+"!/DW(9>FAWU&T!DS'HNG&^2$X3[Q?\F34;?O] S4QPTI"P>-)3J\YW 6KJ0*:5[Y]AJKE__ MW"6T- ;MSZCG=*J?>K@$6MB=G*"5T%Z-G"%=O",3/UU-VO"T\P,WJ:G%BZU MV+8E@$PTX]^S+2@#)DN;R/BY1+2@-G'5Y#IT[Q-'\2G2.X^1EBBARI"GZ<5Q M77:@10O4>.T7-IUW;/@8-DR+FI?EID(QZX;R%9_HP,([?%Q7@D%UD"&LX4K< MFC!J>4B#RYG"N'F,):+8MN;SM 23>5 DD5>0MU)8!QO,D[ #SY6KZ(G 6:F> M:.D2UC%#.N\Q_>O/ M+](Z/9H#4'BG_ 7S$6+>,NW5GA+5R&'K(Y33*0T4E5N>Y?%[(O5EW;$%R4;^ M=78TCD"#B.14R ;+(E&&;+ L&RS+!LNRP;)LL"P;+*]JL!P[>D=NPF"YMD+K MM96O3%E$AR+'&AP5V&P9.=C2-1Q 'QV2/0>F$<[DHSVD6DT:/D/G/L&ODWB# MO70)Q8**!'X#36!+\KU-<][0%<:WTP'1YTH8DJ4)$7-+:Z1ZP<1CGC6/=1DR M^4C+1BP_HF[!+%N.I;HD>LZP5!/:'8=.%.)MA?'(FH\/"GM)P7+CAD^FS;*6 M#3JR,#$@->K_&X[8Q!-YW9Q2:UOB0,(L?!I_"I>-R?O8$,.H M!X]!V!SD5 ?=;!5*WI(8+@)FYX3B/HF&!-0RHEDE^^:Q:E22M(A!,3<^;OV6 M*"CB)]-V7"5$I0)C%TR[UW'XKX-9*^_EMN^V[4KKXKR_P^J_8&Q+4=\K_QJ_<;S4;7>Z9$]/2W/Q]C5N&&W2>,78:9R.CPT_)US$U1*EF"G;_*F=VCU2Q M*WH/@3C:[\$.)CL4R3Z@X6'TG8$LP]3'F!0(RH0E 58<2$SH($Q<%'+V!"$CVY2= KS50R M_QO0$078]Y".K$^M84338L,!Q^$"XC+=6+M%&L]+=#,)G35\*_<)Z4F<).K* MK9;$UHU-XN)Y#5"EY3GQ3J+ISAJ5TVKJ-R";O]BY6L"JZ>=9@>6TVG-7!KEL M@]8X-8KHD/1H06AV;^*QT$2]V)@RPUGTN'B7P/)3X5O@"0Q16)2C\8P45Q-- MATA2+S\ S#?AZAQF/!RE7XLH3-B9_Y[%M\5HXW-X!N#"9:]- I?@:K%< MA]@9C44@EQ[UR5T2/OIN\J'38)4MJNKD>3I1TIH7);#QY+)&NLH*C\=8@D]. M<5-DV87I;D&4T1A-\Z8Q>H-X.H[TIEKK&RT69<'Z9Y=.B4I.,O(2+V#'96&' M$ S+,Q%CVE'TD$+.D^S]."R8Z,"<:K^DZ6Q%6MAX2K.P*@8S+'BB!G8$;_"< M>0R+/87U)8[+%;\VBXJWDAF 4<$5MRRB[E6)\!RLYI)5[T1)71CK[#6[9YWN M&;9]GT> 3R!/U_'R8,X V^)BJ>H M#V69+V'!WZ)B0'JC^8XM7<-C-^KNXT)H:W&\-_*%@+T_4-HX-5_>@>"PD'2B M<+27S'W#P*^[]TK"FNN0'Y9V_A(*GU4U5&,T9<)H]P&BK@H$,"S5N(5T<(>ME"F$A4[T5B<\,G&X$DK\C-\%+AU50?D/!3[P/4@+5.Y4 M#*PL)VYPKC?)0_-D4 \E6C#9Z7N"RB819:4IMI#/0:? \ M1D+!](S59H=Y\R-8RX86)) XW^["C7SS<)4-[.)$HTI\VN":->.+S]FBE!$@\3AC M)/F0=#HY7U'.HQ@'I@>:AI+KC$NN-/,MZS88QCO!G'AR I]*,YI#/E?/DI:# M5$"!/<1KEH'#4LBBH66&32LQNH4=2V@TN=F+/1=FE+,6@!8S]<'\:B1LFC@] M#P_7PT@RB1+I$R]OQ*8-O3,<_!-GW25-/S0'LT\0I_1Z&_N\GGSZF+41\IB( MJ1=M*;DWDE3.N01=*%Z-Y<5-.T-K/5F:%5(T.SM($#1M*D*K7\XT"W47#:\V MTH%:H%YXHXVAWK#U@6ZZ>C#!&\,1G*P"+U[PN?(UP9;4PTAEWJ4)/GH"XB=' MQG#YPN]=*E_BQP0X$.NON#^GQ3LGI-X<#L1^C*48&Y"0>.JRU?%")9XNF\A@ M9E$-Y\FB'1L<.^14<[X0/Y%TAW(E-!R3]F2XJU+E5L7*-R,^691>GOF&/NC68)[F4R:!ES M9-K!>?'@X$Q8[A,;'JP\C GQ>45A,N4]<_FBP%WG8 MO#H>?9PF2W#3OF)2L K%-6N'])5E;%]:#+\44!9$(*+H\U>J4N1)1>4B>VE, M:=!(0[4HN'26N[$LFH3F!K?%(AN+&@KQ441HW$7-IJ("2M.+N\*\T-( ;'80 M.T#<,_/"9%//"[WV\%7@U<0PS)?XFVSD.[PVH&/,V>A1D]VJ96YE"0:_>BDW M CLNL(!!NAT;#0.=/LT]8HQWA:NDE4K).J@XY L"<<(463RN7@N#$3I69-,Y M[^Q'&H<.7:T-EXG^W#(4,;D-&^%8Q*+I%5/-\U,/9V[7BN.X M-'3P?G3]HER8=-6<:2?2N^*;Z'C;Z/TT7YVZ1$A4;.N6&1QT@"Y:'*F."Q$! M1*_QXH1_;D<2@UDF7B((&)I)H7$5Q;WYTCK;$3*]V'S M^Y1'[:VB&O%2YM8MM:2% &6;]C,FVRL?]RI1=,FJ;)+YA[,H9',5>G?QO0N' MOJ2KFJ.)6NQ0 V\D= -5B"QQD61.TLF4_#"W.30;B^J80J=W4RS$44'S4-] MU]30&)-7="\>9L/R)1-*-@$:QN0\W@XUG*NJ6#0[!>^$*WA^"'TY@$@+13/V M@X> F=X8WY>8-(Z1@E=6VY8L^ 0X+13K'F\D0X^U+/,GM94P"Q_C&]1N8/8- MWX_$1M"^OS9KJ8,;P.R_N ++SH3\HV,HY079W*3;$"88L')]?'HXTRR1X9.[ M-GCB$Z$-9H%$-19YH.HJ $3-=X3A2174G,%^DV +I3)_PNZT49;J,PW*\)*$ M;O.7< '1>^%W"TENZ=)QI;LNWW!(V-HR-$GP:]I=((XJ\/4?CE[=DU8M=/'# M+S=_P'+YTC+KG[Z%<&Q0N$^7F/)V36H7A^<"3(" V1FX-O=('X(G?:Q-D7@O M0^J@TZXQZP9<.-A"_"V-RM^!R8&L?->SHES*(J3\730VF,B6E<.) IQ, MT0QG\E=.D\D&HW$?1C _;L*^;^%,\E3?;UXH/TL,I*!Y8M$L,D!,X(O'7?J\ C0*=Z<6&3$.:GE\.8#;AQS MB9+-;0 <=%?@T:MT-'II()'W';S@@A5N&P;/&/A*REH\E7'-%Q9UBIT/%FIS M>6@&["L\'T,E$9G!Z0@1FF044Z@;1R,<) ZXMP,JVS'L&8 SXU*O)-W_57O1 M3"OT0L"6QA)&&KF*RP+3MCW=9(.GJ2W?4.Y@88.&O#8VI[R0$MN,O_$S>Q,; MNMJ>J;/WO./1Y.A,GX:+[#@O!?@'C79#F9G$,FBBO^G]/!NYM*DHJ!DTKE$S M,8\FNN_%P4"?Q8K=GEF8D+YJ01N:J(TEIV[6)S3*=F5$STWQRXO@$E*^@FJ7DLFIIC766'S?1< DG M,IJ382=]XCA$/X6K*-/%CAUM5)9L*I(X:]5XNS Z4B?1W&/Q2)GH.#931K'< M<*B/4R.'5%<=./Q&?.4+1E:F:"@C@QVWM5:M^50 H+BA5KBAK,",G8Y. ]XD M@.HK%/%V>"F?Y/%*S./$IYPFSL+QI^RC#] ZC#,Y"/ M&@^V:=Z9.3H#(PU@\5D@SN1*P']USJCMR..K_!V H!164@AD\29VL'>N7/&. M]SG7)J)3M**+G>6RF=^+H6*C:WFCZ2B%/4J+SW3L8W'0UTBS,=ULNBP001WQ M^)@+%-X9[=#/C][#Q*Y"94JKT6VW&\U>.\T?,;0!/1\E;!0"F& T$YB%-@I= M2*?1!M-6;?;2"PEQ11%7Z M[S4:SF>E0'>Y2DD\TBH:YGM&-1"L/I)KY4!+2 M9>1ESQ.<6$E21W2TEXO_E[_B-K?RO9@=XOH0S0Z@"F>?ME5HJ.MK)G8'XR8'_ M44Y/KHS3UQ30#HF[CQJJ4;S>2_]ON4QDE.3X8/WW=\+>+FK(F#&>/P M:<2EGS#ZAT-Z+FDV/L]E/WUTIJ:N#)K==^A* -.%R?"C.$C+BVMP\A=+HJ=6G(FYN-\Q7(VO2K_'6/2>IW#I47 Y3AC *PTCU?T3 MDP4].HF6'I)A@)F%+7EH*ED:E6B!D8AXS>7#T1FJX0G^*=;>FM[4\33+>T=7 M$+4>#)?*BXLW 4[CN2@3V@\$LR"S14=195=R.8UX+0TZ-!J3+QJ\HCP\$<6V M;ZRQ2=3-V..>&)T$2<..=*81#TTM&M. MHINCI%9LH<>_3(>MT0_':3]45FZ+8CCW]SSNFO9VJRD4,JC'N);1*O:8;^&8MD MI*IT+WF=([T,];PYY6XK_2:L(XK%3^1!&H9+F5"A]FF<8Q[W9:0+72117&($ M>DB.40:70><,\C;74RS<,EE;\#$\+ZS)I&]PDVNEWZ0ZY_ >W#RB/M<[+Y%1 MAK&1<,F<@SRN.>8Y>&1ZV-^6.6'%\6_RL>?*9PT[>S/&9/G:4RQT]7V,9R4D M5'2!S0XTDB]8(@K"_&C7T0GS!A<*!RH3;"!WN-AV@J@&@65<>ZGJK002:\5G MXKL":T@*=O"ZAJ!H7B2;L\0S9\[H+*C_O[VK[6T;R<'?%]C_H#-PP!:($\F. M93O;%G";I->[;&(DZ2WN4^#8XT17V?)* MD=20P^&0#_4N4-QQZ3N#-P?6YP6DW0AXCL Z$^UM,(K/FTAQ_$J:09P>)/_EACYNJ!-#(*7 /O_!.)XB#>6U7'3S[03)3X=8F9@G#0 M:GWOT^-CYW=DC- MS(TTOO1)\O-].(8.$3R86Z8E8.'HCG]>9\)*-+#\3VY3]5FV5];@_\&(#;3] ME\BIPX/RC[S@F_L='RD95%U#N0US;??-"61>,@1 R(:.UM!^$93LHUHHI6;G M6/F6:9!M%\P3&4%?E>NX95+V9#"7&1J%-!=RX\#R1G0")]D>HE'>_D^]Z8XT MOK_-/B/%+N9G@ ;*2O&L)Z!67[IS,28"7X,G MZ)@[C[:%CU]8$QZE]JGTZ4+:"^+A<+2SOZS#RUB'*%\1V3]$:8!X)%"&CE8.Y M)"ZWE:&L]%BV.A:69PJ4*FXQ?"7K62D!/%"1O0_$]BC1Q42!$)6.W17&@>=. MW].='J^D@==!R&T/:)1QEK!F8&J'ETE?"0!B_6>(E,6TG M#!%/UN.PJS3\',FR6KN-W0AB7CD[B?0P#-+"QY^!-D\?X1*>D<#HY@7C*8<, M;48".23NQFXA&S9JF#5:,8XTPS)'3V0#A*PA543-(>RDVSZ,C_D#">H-W%:B M]<(M4V<]UH@3CW6U"L;]C#6GAO16S!2$&P3S-H#6)Q5@$\Y&DHR)T2K*,)1H;[(/4D03 <^: MFL(_J(<6LQP^A0YPHX4EFWE:ZGZ.S2C*3LX3D?$,K9H-L;]XYG!N0!TCWT01 M[:YZ;,##9F(9&JL^(BKB?A I>BSWB5^1:FN@**8@!_-= M$;]&_)A5?C)YYHE=.2]!7*1@/D?O\ %:(<187A2)7@\'6*+1!O?M(+K*$[9R%GB<:%12-B&R_1#Q5-M@_A%[V^-4,!TUIQAQ:QF MM4?WHN:(5\- .RM0WT\!3!7Z&1UIN<&0Y-&5K9O#W0(W+"G MS[PDQ1GBB**W"=V,123!+@+4Q6!-]4;R2K*\3A)>IQJO#\CKE/$JUF& (<*Z M9&8%"A OV'$F?T[0Y!?VX\IQGV)<>"-C!1Y6[*'4S2 /&,C3U'D0Q%@]J,30 M>#TT$,R0TEC/WXPP6!<*"UOH$>;MKZCJPQ;4)]_ UA9*,):88T8B3*8 RC)Y MRX5Z:.RUP/QY9:_E+Y/XLL<*SYO-'IL5]C"G%\;&(X7-WL]QZN 29I6U7C'L M!!F/P*4Y ]BE6#QEM"36IP "1J(XETYB7\ 52']FBK6:D#PAD5>CI*W2_;/% M5FW,WWKTH&X28D<>GO4RD[50(.Z]0EP>46+"QTK.%%@]+(<_X%7)2=CV6EZ7 MA%VI,?DT&HT5$8!F+\!4*6(/NK0TPK M"-C-9;\<,$'R] AV>QQQB"T/2KE-!BF;9\AP8IYYW$3XMFCU?.:*D>^\1I/Y MC,!L/R+># #A@V1KM+E\PV M+IEL\SZ1")")\SWC)L*'D/'6E>)V-LE#ZBXI*X.R8<;@GVP( M=L\QQGFLUYJO\;G$82#!IK!QR8S%"?1O1$@\$QULX"!-/T[?&!O\'99OOE@6 MP!^]6/!/O('7#"WL'J 1PW_S!#Z9?W__\T\\_6=;;Z5?;IMY%SSFV^R<8Y[J:\U+P MJ_ :(O-GK /;G1+-U?RZPA](3K>-9F_:XWMX9W3OP-MN0W@]0!?WXVAG38( M&,ZRI\\C@8=[!97DE+#?<).YCH#T&XDF=#/QR=4-^Z_VX]Y^W1S5H;Y[]SIWM ,LN9;]SU^GBZ[NKU3H:0R>B?Y")'S].J=M\ MOE[./JTN_"EC?4:\"_(P\=DN)8?;07/! MT[GK(G/'*=J&+81VQU]\N3EM08FKMZ +P;M6N]MZ;RNS,O>6:<)$($<\^^5, ML' >A#=\Z;D**??>(JI.;\\VIK<2)?FS"2NBD.](H"Q\ 2RF\P AF:0J;,&' M4\K'=J3D,I*(@H\# J%2N& 8UV>RP6-E-CK5V# D)#VI1@MPYUAKM:LY! Q/ M>;AL')*%MUYL07G7>"*5WCVC TOHE!F14\+^_[RD%T+!N#ASX'S2*7D%00/> MM+LZ#\?FRK 52>6,X<68W_V-03M79Z)7@XGT[6NDUM06;X\&]]]$[D8R0(09NH;3E9>3+=EU6DU7Y WW]I0]7BTJ'G5<\U7 MY7JDI1F%H:@U@O_._EC3%=&'23?&H\'TJK,%6^;K=!5"S)@843FQL]=_X]&K M1OTHNEI2#NB6-8=J\X79Z,Y9!X-EW8T!#JBZ3,U75?5&N6NDZI>.Y)'T[U[\ MR+<]M1P2?;RDB7WCIDSW'F/ MM+"%B"'Q37E!V,)5%U6&DZ'*X?/E>5805?EX:6'@T+FR.,.B(MCK!TO4A(P\ M^O:/)0_4T"W%D>*L9'GO#ITAI<>,MR*R7HJUNM.^7W&3_V.+H=:$+_=1]DT2 M8HAM)5+B[.R7HHQF+&UCXL,R^WG)/V%5*X):V5Q-@DA.33:5ASE MKE@3XI#A:O@Y!V)DQ.5XC07>3M_<+\O>IAXAM8UUB:/FH#;NF/I:-K;"B<0. MJ:]I%P?FP8O&N6C6B@U*7*'VCF=40]9G8!X*,6 !O=4K!1=SAQH]Z)9[V7T; M_Z0.ZU0*FV"ACEH/CLNY<(RYT!:*,Y%SP=K'W4Z^7U.RH"/L M+K?!-6NJ4GE/,%"7\]4Z)"K]'3J##NU>:@G;BK*=\]A3>.RE>'0W\&AGU^A: M#(JG;#+(9;#D"?G4)O.SJOP#:2@@V.+A]C<_W#9]NL?)Q&R>Y%<3RJ;9,"B= M#2\G$,4==+9XOA6]"GZC+8C8(,]A1:>@,A$FD;QAR7J>LYR7TY$-Y5R2I\\, MITL74Y>+J7\;T-)SR"M/IU]I'QU M^[PBV85HV#%83CN..QSF2F$#IV8Y.J,D6?'#*EFCW[O8IN'T,UA%=*,^]>4S($NIRL3WRV)\L53G!^\O)(D\X!KY&)W>5 M;I)/PXF&.\'\FW\* 9"ZNH*61#,Z;J](.ZH0MEO^-EC!84E$HCMP^S\^@]H# MK.M=#\T/B/9&&'7\]&'%T,?>R*/FAGY8?@"V1W)I-D0P+'&N]L)LZ@)J)NK@ MVEMY?#^.4)H\1W)M\YR9O1%/KVA5#4GLCCWJFUK7-,X'V0"Z-FEK7+CMO MVPL/;A?G2ZYMGJ"T6Z&P[*GZ=5&__YODDBBFMOR&0FWY!)CQ4()1_KN\] M?[*,/WA!]!Q=Q#.C&C;7V>3(]JC2]%)*4YW\*DM.0731(/[I.LUXH<51OZ;( MKJO23HE[61CH?3U>Z^BJTXS7^+*\UO24'?-4\U?FN5DOV"EQ]?)R$EZ/]X;\ M6Z>92&55AC<>Y^S(,6_0R/-9T MASK-N$,[Y+59-ZC33,1KA_PVY/ITFG%]BADM2T>5U85-:&3FA/5[Y)TL/?]= M*P[7I&4=;9.KV2B%>7Y($9%Z/B".S3;XK( 1#[4][UW[Q7BGI)R,1(N@ M4Q)-0V^5Q2 RR$IQNT[K/;;&D,,A>J)C_8*@8"H$HKA !VH-K(^/9/IU!2A- M@'<63E9D'7M3B\KM4$>-98BF#!\0L,2HH!>68[?_)?':5#PV @F+"8YRUQ$P MZ',/@/8DIO.7PYM#ZX9,J<&14.]G H(/]-&+(MY]C36C J1Z2'P#%HG*X57H M/7@(9B@(T[$>/4!I!PN0HL#W%E[,6H\(*$/LWR1PW@3'/269(AZV=N&_H=( D@5(7P&9 M.*CL%!R2"6(ETOGZW_5RRKNQ<'EF?YTA0"+8A1RS$6#M(IF"2(>>0VL$AO,= M"A!@H&$96 $NH>HEK+M4@DR>0__C!)X^62:@?W1< ?V)W3J?K:?)\P' /Y(5 MPIG/4#'O 7_[/OA&#M\>%>DMZO7;O[7;YT$0 TX%3&BDC&IRNRW4GLKYZXG M]KV@;ZSO^%$8 '[>8QRO3HZ.GIZ>#K_?A_YA$#X<=6R[>P1?'\&%+7Y]_+RB MUU,[@3K6>H^#'V5&IY^_/8*AO!/X%ZGX'U!+ P04 " !0A'5*/0R[ 6$/ M "NI@ &0 &-K,# P,38U,30P-RTR,#$V,3(S,2YXPYXT?G DDTXLC])&)ZIW/8.3QUX.&X MT[I&O'5\U'GE_'QT'@X]X" UAT.7S9U6 M2[4CW!F>(TXS/+_ $!;Y\<_!;@'PR(=@[<$!9*L[<3T='0/&B\_SH55'&FC)5 M^>'DD/$I5#GJM'^ZOAIJN>,F?$(_I6HOQ]R/ZY^T5?$8"1Q75Z6>7!$D*[]H MAX6KJKZ%[T]7P#C)E%@J$RHDHNY:B(S0D8J=T]/3MBZ-JP:B-45HL:H\06*L MJT8%VG"MHTYK9;HSEP54\L>TC@*[AU-VWXX*\\@"SJ%#FNBBTAQ"#Y-\&BA0 MU9^GJ^.E.\NOKTIR^!-ZCX7,)PG+%-%)FH@BXHI\&EVD2#II$D'7"1Q1) MQA][\'ME$$9I,,]GXDG>5A*WH5(+:F%.W!7==J*( 'R*X[Q&E#)P-N"D]&_U M9K$@=,*BG_!"]>\S)? (R!WU\.&N;W'A"*-&B=HXZX"IC\N0CL')"7DZ"V>OV)H=O_K3)/A#8&]#O M]#. *(";IE6>(Z*/JMAIUXV4I721[P:^L=&(K)W"(\&R,E!OD:_K>G%\ZP_>7EZ-A8_K"IK]%X+/E#$L"XN3@D"ZW M@W)B!<7Y.<7KEP8D&T@K.XK!9+!0@1Y($ T40YD=G.<;X Q'W='E]>4- #/H M.8/;R[ONJ#^X:<9.85B&DKF?9LSW(."^_"T ]Y^%)Z>.':875IB&H\'YO]X/ MKBXN[X9__SQYRAM*ZR [12RM$Y]WA>Z=W M-?C8C*3RH.3,1@7JV>%Z51"N9GXJ ]^ 3Q$EO^N&;R%>&$S>!H)0+,3F;%6H MIAW";U6T383K,Q%P##^2//_N**X.FS@Q7V?-N '1.@;)E)()]'98#KEZV4_H M]);YQ"4X=I#6*G;83C=A2S!SUMR9OAS-I\3J7MHEWKG3#MU3-=SB*V"'9:335@2 MK!Q$/2?%K(')'G";EJOEEJB=YYEI/<$A6I5J/@T>-CSZ%![Q""WC89)\84?@ MQ28"(:FC:1NKVZS>0X3_B/P 7V.DC*=<26C^W!([#B\W<5 \',W$27!I$+$A M$BT$XHD:9@AXPP/L72X7*C"-1L?V:G:L7FUB%3.,)WD]GT0\G9AI YT-NA\" MB% Q]Q][A"*8@I&OSB%\H"CPB%1;_ JX;97LL&66_BMVSHJ?/OW@/%NQ_%N# M6N55?XG5?[$L0*=L%L!Y%C\U.!9>\(S4/R*[[(G>6Q$ZSJ0$4HL?YUG(I$&C M9'B=Q,18:D=9Y%#3E12PWDU9=N>5B7(;"#G,F?;%W&-=#N MM+V;!^>V2G8(,[F4[-9O@]H^-H/SH"M4TXY?)I-BVBAN4*R>28DLETVEQ 56 MC$ZVY5(B+@T@90%)#29+N1V>3$(E'YYFW%3,>:5&C[G8#E(FO6+.>C7#:2>< M.EN ZFQ!*I-KV8J4TVFPJH;5\1:LCK=@5?C8QAJKXP:K:EB=;,'J9 M6F;3) M=JQ.&JRJ895>+V^K9<;Z?ZP::](@)A%=#F5 M_;HS8,(6F$N"13M6XL!I?P8% :&R"J9!K;=Z/AJ750](L%]_S6" E-5L8TSM M5[]P/"8O-X-?RM MD\[A4GAK%,H(L=:QG! Q704A\N]@+-A\3*#:?5&T1>LEBH:&=:.YA&WL2Q&_ M::U9E=+?85E$AC55^-A:,Z@DQ>;%F$5DB&G4P\[M;]Z964B F$@_ M51 A>_^FGFPHGB+]75P1S^5SGJ)2[NM4N=JU77@H*C6FP/) M Q6\ZEH0)A+FC32=%_#H6EI*?%^E'.*Z(@!B(@-5^HZS8!$W JO6>;AH3L:_ MOQ:3UJ"JNEU/V1N.PPM502F./2++ZU]& MFY(&&^RSA2J(^'Q14U1U$,5U,1ACL C$KM2[Q97OUFXZ*"*L M0<_P],TUEC/F]?4B.)PX:8#\L*R',4CMJFSE%*^4!HVCMZ6 #_,N52\MM MT#_N"%T7B*"SU2^8,4M84"6UZ?;6!U^PT6-E_/XKS646.0V:*0D&DY5/[RZ) M^.(X>?+,(]"Z^I,R_7S%XA#E7,U5_$^#=NNWVIAJZ2FOHGOT2V$5G-8C@;Z#N@^]0(U MQK"XDE[M]"PHKT';?P9C E&'?$N8>*RE?D8)#1K=X&"AS5$[33*2&33H$2ZD MBF9A(B?('R)8YQ(?)GL(.FNG5!%A#7IV/4_OE894HKXZ;A/4-"_XA*KQF(C MZZMC$6$M2^LU^J)/APOLZK_N-L*<$\F4*ZJ?PF6D-FA^AZ=JUYCQQ^YBP=D] MA(\CMF9,?L>WG'F!*^NG?GG132FEP'6Q$)/ [[HS KU'E0TF PH,L!OUJOKV M^VKBFT?"PL>JZ<%D-(/(RC:J!*S31P\L6A!XM>TI^U3*../=XYP.V:5>SO12 M/PM5$]\4?RH3I^<9\1;ITUW=*43K:A?P!LMZ6J**\":_$D82?DW=1IYT]A3C M8/)A,>&,RAY^$IG5?+&-,R&9CP,N(O=YSH2\PRZ;4IA(O*ZX U=! _P4DJA% M-3$:0I=')*K1Q.2A\G:16<7%7LQA3"WNS1IEU"DX ,+9@= I=*FGT"7L\F_= M6+AA] Y/ NKI'E7DG("V6,5N'A!A,/B+. MH3L/^!V9SJ3N;.N7%-:S+L:>&%!ECN@;L=OZ;13O1YDREHI^J: M ;<+:QJ*@>KK*\KPE%&-#D49Y#-H\Q$KO;%WC?@G'/:$-=*#27B8 'OG:$&D M^E)VMWZ\/RW+RKU%_>X]YD"H%G5)-K55>YN\)D?,P5Y(N*QV$TE&,H,&(=XZ ME8;*'@6]6*(^3V!F'NU=*R= MI@5D-6JY)/-@?@OA#A@FL:^SQV3,Y\[(%=#!E)%*S"#=!\2]'_6H&%"]2P&+ M2>@J7("^%TCN',KN#^Z28ALS4/IH=(V[M5%"^XG'Z(3S$TA<; ILS*#GG5U6 M(9 ^\>[5<+E51F3;EQF&;SN2Y_VAB2CB%S?X01,\B13R;OKMSVCA"X/IOOY7 M+CLJ4\%.\0PP%M$K= ]P;3(1-"+ SG#?YA^9=*JJB_:9J'Z]IR2ELC-VEXNU2DJ MH?^@*>;S5;&H?\+9(KIIL>8C-_R09JIN(EDM"@:3"5;&K=WRI:C QJ.3>A>S MCKFPK&BF/590U54)E]5%NW>P)%5G9ZA+?!)^<)/^6"]:&=1GM;V+#CN8Y9:S M>Z*^+ANQ.RP#3I^617+$-^Z1PG!0W_VA9;B?#0_QNVAE?#Y#= JMK6XJ7;F+ M*X+&T*0D>YD:/_/._?XT+6K*[IQQ&?W!P<$D2C<\04,9]"AJAB$H*#\L5/KA M*7:3M/C&+]7U'X^DTRLFQ#GTF<<)XRHY**!KD7#HA_%'K8*#,F*;)LK55:LC MB*300G_T)^IXHFZKI 8-0T_0>XA"I+R=]WHN!0R"6T[+J,MJU<.L9/ F$:9?PQ6B \C0-Y>4*;!B_B9(S?,H)"&E''BS5L M0BJ]7K?#^[>TBO\#4$L#!!0 ( %"$=4I&^EOE7 D '2 = 8VLP M,# Q-C4Q-# W+3(P,38Q,C,Q7V-A;"YX;6SE75]OXS82?R]PWT'G/BN.D^YN M$VRN<.RX")#=&$YR/>!P*&AI;+.12)>DG*1%O_N1DNVU+4JB_*>BG*@T#9P:,8TJN&JV3TX8#Q*,^)N.KQM-CS_VQX?STKW]\]_F? MKNO\# 08$N [PS>GBP1Z9,A[Y@MZIW72.KEPY"]G+?<+8N[9:>N3\]_3\\NS MUN7YA_\Y?_:__.7+@2,$(OVI, MA)A>-IMJ_.N0!2>4C9MGIZ?GS<7 1C+R\I7CM=$OYXNQK>9_OMP]>!,(D8L) M%XAXWZ@4&QU=Z^+BHAG_5P[E^)+']'?40R(V5:%<3N8(]9>[&.:JC]S6F7O> M.GGE?D/:P'$^,QK $9.+,"E>)O"58/C//)@Q&5PWO^53J]_%#ZX?3 M3\K<'UMG"9_OKU&@]'R8 C>1?Q*!? ^>D-# M16,NV3K=7FU&O><)#7P9!VY^C[!X*V>P-/4>A;N5X2R$1_0*I6!<(SN,.%T0 M" ?;2K6D/JAPK=VD:ZV(YZ' BX)XRMY)8=;$A%"/E[50BH%:!-?/5#Q;89"M3*T!8=Q-B;3++^C8((TSF"+LW[Q.@7"0NMR+"3#3B69$71UY-)(IR7R;+#U/?L(B\$O!58J+73@6+"6E-+,8 MYVX$CW0 @:IF]A$S@S6/J%8HYBEB<<)V1\GX$5BX7LC*#IK:X78!E1DVM;); MC$VI3*D@-[( EU(IAVZDQ5!U:!A2$@M=6'Y(#;4 )G-@TN);O"2M"/LP00SX M0S3D'L/3>9/#!"0M85TATRIC\;QJ^SY.Y.HC[-^2#IIBH83,SA.S*&H%6:86 MQC6&OQ^K@>I/$/!O$".8C+G,8J,PBA.B+HRPA_/R0!/B6B%HHI >S!^J+AAE MM(0KJ!Q]!9$TP.XHSPO7&^,JJGTFIB)C(Y&UHRWP<*W)4]5/G? 6YP$#F &) MH">U7=^BY4:D3!H+8,IQMG0DRE3$8LB6"LY[(49SZ=O8>D&D4: X*7,KG$X< MI#54V[$KG2N@4[5:S&7/G5*Y=#9AMNEUZ4F5JXK%$RLY<1BH,J,?8H*Y4!K/ MH!B^0LHZ 5BHC,6[HJ^4T/7@4@Q>#HT%L!EE'3DJ6 S6+9D!%RHZ)#+?$@%R M#YZW&)JD5MYA>';@>X*"@SZPW-]8)CZ$@ &B$,7DI^E MCQ1FL:DH:0"AY.LS.L,2L>NW)PY2N&7"U/9D^I-T.BF1'T3RL]4+ 7G%EYT8 M6S#OMG':RHQDL7@QW+\-5F%?NP>DU4->D\!7W>ZZEU_H=&JJ5)%8LKXV< M07"T6&8I;/&.XHCSGX- O'.25-TNA/-(G=V]'\6-)[E$+<3N4?8 ;(8]X/>L M$R D)).QCWY\IX1O95L=7_+)KV<;\^%GL8P)-,M5F/1NI'>\P@ M3J$UL&_+Z.APW]80>N __"W ?_/1E7,;TCWOI&_*G6!..V0[-L<-NK$9])!_ MM&$5:(>4"?Q'K.W]J M#T<4\/C/<9Q#B*,R)_ :T1^< )737H_[)!M0W]YVW M9'XYK LC8 STE\1R"Y7;,3Q:_]C6('JG^=&*VFA:IUCT 7B 9VK%*^)W MY UIY?7(7UB*O,G%DE+>8,;P'7F(F4&RZD,VK#+ZUL@@LF"IY,*3>NY*AAL4[FY3(RVJ1.D\6O[=Q M1-D+8GXI_/*XV CJFH,6PIJG79VPEK]LM)=6SYW)N'T-!$8XMY.W"]/Z>T() M90]2N3),27"4*B"+JJ&V$M,S.6J>3>9>IZH)2%?6DF]$(5%D/EN(,D("2!>\R3*J9 M.WH)!^!1XLGL.O$9T0-?O7%#W?V-I"!O:X-+ZU^2NP5SK[PS;,[(O5C"XF*) MB7[QU7&9X=U),8*U;Y3:R8&RV;X;S\DV095E%".?)T0F^\G[&'L ?6">P<6H M73C7VBGV9@6+SQJ8J+7<4NP:/%89U=HSME7:XHJ+B2J+^N -09Z($]X]I"19 M3-^-@V09H,K+E29RQQUZ]>6[ZOL<1,1TKTO8!]-:.\(^#&#QE4L3C;Y2M2^- MY+!AL+A(JG^;A*I^[!A-RCZLULYU2,-87((R43>YB+A\C\6NF4N:W;MQG+3J MQ?;(BKP^ "V/@0 '0 &-K,# P,38U,30P-RTR,#$V,3(S,5]D M968N>&UL[7U;<^,XD^7[1NQ_J*UYKB[K8LON^'HF5+[T>,9E>5SN[IW8V�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�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end