XML 23 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue
General and administrative expenses 1,499,552 517,739
Research and development expenses 656,713 179,141
Total operating expenses 2,156,265 696,880
Loss from operations (2,156,265) (696,880)
Loss on the issuance of Preferred Stock Units (3,124,285)  
Change in fair value of Series A Warrants 786,397  
Change in fair value of derivative liability 224,065  
Loss before income tax (4,270,088) (696,880)
Income tax
Net loss (4,270,088) (696,880)
Series A Convertible Preferred Stock dividends [1] (26,440)  
Net loss attributable to common stockholders $ (4,296,528) $ (696,880)
Net loss per common share, basic and diluted (in dollars per share) $ (0.32) $ (0.06)
Weighted average common shares outstanding - basic and diluted (in shares) 13,330,891 12,250,000
[1] The Series A Convertible Preferred Stock provides for dividends at an 8% annual rate, compounded quarterly, accumulate, and are payable in arrears upon being declared by the Company's Board of Directors. The Series A Convertible Preferred Stock dividends from April 1, 2017 through April 1, 2021 are payable-in-kind ("PIK") in additional shares of Series A Convertible Preferred Stock. The dividends may be settled, after April 1, 2021, at the option of the Company, through any combination of the issuance of additional Series A Convertible Preferred Stock, common shares, and /or cash payment. As of March 31, 2017, Series A Convertible Preferred Stock dividends totaling $26,440 or a payment-in-kind of 4,422 shares of Series A Convertible Preferred Stock, were earned, accumulated, and in arrears, as the Company's Board of Directors has not declared such dividends payable. Accordingly, the Company has not recognized a Series A Convertible Preferred Stock dividend payable liability as of March 31, 2017, and will not recognize such dividend payable liability until such dividends are declared by the Company's Board of Directors.