Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Restatement of Previously Issued Financial Statements

Summary of the effect of the restatement on financial statement line items

The tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated:

Condensed Consolidated Balance Sheet as of September 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
Warrant liabilities	$	775,263	$	486,287	$	1,261,550
Total current liabilities		36,282,975		486,287		36,769,262
Total liabilities		36,282,975		486,287		36,769,262
Additional paid-in capital		161,362,260		(100,415)		161,261,845
Accumulated deficit		(152,449,666)		(385,872)		(152,835,538)
Total stockholders' equity (deficit)		8,967,404		(486,287)		8,481,117

Condensed Consolidated Statement of Operations for the three months ended September 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
Change in fair value of warrant liabilities	$	260,238	$	16,276,232	$	16,536,470
Total other (income) expenses		673,948		16,276,232		16,950,180
Loss before tax		(20,773,099)		(16,276,232)		(37,049,331)
Net loss		(20,773,099)		(16,276,232)		(37,049,331)
Net loss attributable to common stockholders		(20,773,099)		(16,276,232)		(37,049,331)
Net loss per share, basic and diluted	$	(0.40)		(0.32)		(0.72)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.40)		(0.32)		(0.72)

Condensed Consolidated Statement of Operations for the nine months ended September 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
Change in fair value of warrant liabilities	$	(1,208,412)	$	385,873	$	(822,539)
Total other (income) expenses		(550,523)		385,873		(164,650)
Loss before tax		(62,269,946)		(385,873)		(62,655,819)
Net loss		(62,269,946)		(385,873)		(62,655,819)
Net loss attributable to common stockholders		(318,092,017)		(385,873)		(318,477,890)
Net loss per share, basic and diluted	$	(1.44)		(0.01)		(1.45)
Net loss per share attributable to common stockholders, basic and diluted	$	(7.35)		(0.01)		(7.36)

Condensed Consolidated Statement of Stockholders' Equity (Deficit) for the nine months ended September 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
Effect of Merger and recapitalization, net of redemptions and issuance costs of $1,412,846	$	(26,615,796)	$	(38,220,448)	$	(64,836,244)
Issuance of common stock for exercise of warrants and Unit Purchase Options		9,199,471		38,120,033		47,319,504
Net loss for the three months ended September 30, 2021		(20,773,099)		(16,276,232)		(37,049,331)

Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2021 (unaudited)	As Reported		Adjustment		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(62,269,946)	$	(385,873)	$	(62,655,819)
Adjustments to reconcile net loss to net cash and used in operating activities:
Change in fair value of warrant liabilities		(1,208,412)		385,873		(822,539)
Supplemental disclosure of cash flow information:
Non-cash investing and financing activities
Reclassification of legacy NeuroRx warrants to warrant liabilities		-		38,220,448		38,220,448
Reclassification of warrant liability upon exercise of warrant		-		38,120,032		38,120,032