XML 36 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
16. QUARTERLY INFORMATION (UNAUDITED)
 12 Months Ended
Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]  
16. QUARTERLY INFORMATION (UNAUDITED)

The following quarterly data are derived from the Company’s restated statement of operations. See Note 17 for information concerning the Restatement of the Company’s financial statements.

 

Financial Data

 

Fiscal 2016 (restated)

   Three months ended December 31, 2015    Three months ended March 31, 2016    Three months ended June 30, 2016    Three months ended September 30, 2016    Year ended September 30, 2016
Grant and other income  $        20,976    $        32,775    $      129,975    $      101,329    $       285,055
Operating expenses       5,327,509         5,829,779         6,036,123         6,738,472   23,931,883
Non-operating (expenses) income, net        (483,693)          (464,796)          (464,202)          (466,699)   (1,879,390)
Gain (loss) on derivatives       8,122,960       (2,593,730)         2,508,744         5,975,752        14,013,726
Net income (loss) available to common shareholders  $   2,332,734    $ (8,855,530)    $ (3,861,606)    $ (1,128,090)    $ (11,512,492)
EPS (LPS) - basic and diluted  $            0.53    $          (1.87)    $          (0.78)    $          (0.21)    $            (2.37)
Weighted average shares:                  
Basic       4,390,740         4,736,809         4,965,300         5,371,635          4,866,204
Diluted       4,465,591         4,736,809         4,965,300         5,371,635          4,866,204

 

 

Fiscal 2015 (restated)

   Three months ended December 31, 2014    Three months ended March 31, 2015    Three months ended June 30, 2015    Three months ended September 30, 2015    Year ended September 30, 2015
Grant and other income  $            136,838    $            197,620    $            389,223    $            (66,304)    $            657,377
Operating expenses            9,655,979               7,480,363               8,114,099               7,797,084             33,047,525
Non-operating (expenses) income, net              (490,812)                 (494,156)                (497,040)                (482,213)              (1,964,221)
Gain (loss) on derivatives             2,162,970              (4,782,796)               4,428,780             (1,526,338)                  282,616
Loss on debt extinguishment                          -                               -                   (620,457)                           -                    (620,457)
Net loss available to common shareholders  $       (7,846,983)    $      (12,559,695)    $       (4,413,593)    $       (9,871,939)    $      (34,692,210)
LPS - basic  $                (2.68)    $                 (4.14)    $                (1.32)    $                (2.54)    $               (10.51)
LPS - diluted  $                (3.42)    $                 (4.14)    $                (1.62)    $                (2.54)    $               (10.51)
Weighted average shares:                  
Basic             2,930,431               3,033,915               3,351,852               3,881,600               3,300,761
Diluted             2,930,431               3,033,915               3,405,364               3,881,600               3,300,761

 

 

The Company has experienced large swings in its quarterly gains and losses caused by the changes in the fair value of warrants each quarter. The results of the restatement did not impact loss per share for any of the periods presented except for the effects of the 1:25 reverse stock split.