Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data [Abstract]

Restatement of Prior Periods' Calculation of Diluted Income (Loss) Per Share

The Company corrected its calculation of basic and diluted income (loss) per share of common stock for the changes to net income (loss) and errors in the calculation of the weighted average diluted shares.

The following tables present the impact of these corrections:

	Three Months Ended June 30, 2015		Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014		Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Basic income per share - as originally reported	$	1.58	$	5.58	$	6.19	$	3.69	$	0.53
Difference in basic income per share		(0.31)		(1.71)		(1.82)		(1.13)		(0.06)
Basic income per share - restated	$	1.27	$	3.87	$	4.37	$	2.56	$	0.47
Diluted income per share - as originally reported	$	1.17	$	3.30	$	3.53	$	2.09	$	0.30
Difference in diluted loss per share		(1.50)		(4.16)		(5.49)		(2.72)		(1.36)
Diluted loss per share - restated	$	(0.33)	$	(0.86)	$	(1.96)	$	(0.63)	$	(1.06)
Numerator
As originally reported	$	8,941,000	$	20,884,000	$	22,818,000	$	13,555,000	$	1,934,000
Correction - adjustment related to preferred stockholders' participation in the Company's undistributed earnings		(1,716,000)		(6,391,000)		(6,703,000)		(4,166,000)		(202,000)
Numerator for use in basic income per share, as restated	$	7,225,000	$	14,493,000	$	16,115,000	$	9,389,000	$	1,732,000
Correction - adjustment related to warrants and preferred stock		(9,707,000)		(19,459,000)		(27,624,000)		(13,131,000)		(8,009,000)
Numerator for use in diluted income (loss) per share, as restated	$	(2,482,000)	$	(4,966,000)	$	(11,509,000)	$	(3,742,000)	$	(6,277,000)
Denominator
As originally reported		7,658,556		6,319,802		6,472,093		6,497,619		6,514,181
Less antidilutive shares previously incorrectly included in denominator		(113,069)		(532,898)		(587,830)		(591,594)		(585,363)
Denominator for use in diluted loss per share, as restated		7,545,487		5,786,904		5,884,263		5,906,025		5,928,818

Outstanding Securities Excluded from Computations of Diluted Weighted Shares Outstanding

The following table summarizes the outstanding securities that have been excluded from the computation of diluted weighted shares outstanding.

	Three Months Ended June 30, 2015		Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014		Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Options, as restated		360,635		436,632		436,632		499,380		499,380
Warrants, as restated		167,711		167,711		140,608		140,608		140,608
Shares in escrow, as restated		-		240,000		240,000		240,000		240,000
Total		528,346		844,343		817,240		879,988		879,988

Quarterly Financial Data

The following tables summarize the unaudited quarterly statements of operations for the Company for 2015 and 2014. The tables include all necessary adjustments, consisting only of normal recurring adjustments necessary in the opinion of management for a fair statement of the results for interim periods.

	2015
	Three-Months Ended		Three-Months Ended		Three-Months Ended		Three-Months Ended
	March 31,		June 30,		September 30,		December 31,
Revenue	$	102,000	$	102,000	$	143,000	$	128,000
Total operating expenses		2,369,000		2,694,000		2,571,000		3,068,000
Loss from operations		(2,267,000)		(2,592,000)		(2,428,000)		(2,940,000)
Other income (expense), net		(12,226,000)		13,361,000		7,867,000		636,000
Income tax benefit		-		-		-		73,000
Net (loss) income		(14,493,000)		10,769,000		5,439,000		(2,231,000)
Accretion of Series B redeemable convertible preferred stock		(338,000)		(1,828,000)		(7,163,000)		(949,000)
Net (loss) income attributable to common stockholders		(14,831,000)		8,941,000		(1,724,000)		(3,180,000)
Net (loss) income per share of common stock – basic - restated for the three months ended June 30, 2015		(3.49)		1.27		(0.30)		(0.54)
Net loss per share of common stock – diluted - restated for the three months ended June 30, 2015		(3.49)		(0.33)		(0.30)		(0.54)

	2014
	Three-Months Ended		Three-Months Ended		Three-Months Ended		Three-Months Ended
	March 31,		June 30,		September 30,		December 31, (1)
Revenue	$	104,000	$	101,000	$	103,000	$	101,000
Total operating expenses		2,638,000		3,849,000		5,334,000		2,698,000
Loss from operations		(2,534,000)		(3,748,000)		(5,231,000)		(2,597,000)
Other income (expense), net		(8,773,000)		17,621,000		26,438,000		1,933,000
Income tax benefit		-		-		-		-
Net (loss) income		(11,307,000)		13,873,000		21,207,000		(664,000)
Accretion of Series B redeemable convertible preferred stock		(314,000)		(318,000)		(323,000)		(330,000)
Net (loss) income attributable to common stockholders		(11,621,000)		13,555,000		20,884,000		(994,000)
Net (loss) income per share of common stock – basic - restated for the three months ended June 30, 2014 and September 30, 2014		(3.18)		2.56		3.87		(0.25)
Net loss per share of common stock – diluted - restated for the three months ended June 30, 2014 and September 30, 2014		(3.18)		(0.63)		(0.86)		(0.44)

(1) Not previously reported.