Summary of the effect of the revisions to the financial statements |
Consolidated Balance Sheet
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September 30, 2019
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As Previously
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Reported
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Adjustments
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As Adjusted
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Stockholders’ equity
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Additional paid-in capital
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$
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37,027,875
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$
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(826,117)
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$
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36,201,758
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Accumulated deficit
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(27,000,199)
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826,117
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(26,174,082)
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Total stockholders’ equity
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10,029,384
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—
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10,029,384
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Total liabilities and stockholders’ equity
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$
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12,531,397
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$
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—
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$
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12,531,397
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Consolidated Statement of Operations
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Year Ended September 30, 2019
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As Previously
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Reported
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Adjustments
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As Adjusted
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Research and development expenses
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$
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4,273,318
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$
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(826,117)
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$
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3,447,201
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Total operating expenses
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26,336,407
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(826,117)
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25,510,290
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Loss from operations
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(26,336,407)
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826,117
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(25,510,290)
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Net loss
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$
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(26,958,247)
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$
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826,117
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$
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(26,132,130)
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Basic and diluted loss per common share
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$
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(3.26)
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$
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(3.16)
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Consolidated Statement of Cash Flows
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Year Ended September 30, 2019
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As Previously
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Reported
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Adjustments
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As Adjusted
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Cash flows from operating activities:
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Net loss
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$
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(26,958,247)
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$
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826,117
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$
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(26,132,130)
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Stock-based compensation
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9,785,083
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(826,117)
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8,958,966
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Net cash used in operating activities
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(2,845,488)
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—
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(2,845,488)
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Schedule of change in fair value of the warrant liabilities |
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Warrant liabilities
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Fair value as of September 30, 2018
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$
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—
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Warrants issued in connection with license acquired- CMU
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104,902
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Warrants assumed in connection with acquisition of Ohr
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470,093
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Extinguishment of warrant liability related to the cashless exercise of warrants
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(429,677)
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Extinguishment of warrant liability related to warrants redeemed for cash
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(141,864)
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Change in fair value
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492,889
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Fair value as of September 30, 2019
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496,343
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Change in fair value
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453,808
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Fair value as of September 30, 2020
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$
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950,151
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