Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.20.4
Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2020
Significant Accounting Policies  
Summary of the effect of the revisions to the financial statements

Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

    

As Previously

    

 

 

    

 

 

 

 

Reported

 

Adjustments

 

As Adjusted

Stockholders’ equity

 

 

  

 

 

  

 

 

  

Additional paid-in capital

 

$

37,027,875

 

$

(826,117)

 

$

36,201,758

Accumulated deficit

 

 

(27,000,199)

 

 

826,117

 

 

(26,174,082)

Total stockholders’ equity

 

 

10,029,384

 

 

 —

 

 

10,029,384

Total liabilities and stockholders’ equity

 

$

12,531,397

 

$

 —

 

$

12,531,397

 

Consolidated Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30, 2019

 

    

As Previously

    

 

 

    

 

 

 

 

Reported

 

Adjustments

 

As Adjusted

Research and development expenses

 

$

4,273,318

 

$

(826,117)

 

$

3,447,201

Total operating expenses

 

 

26,336,407

 

 

(826,117)

 

 

25,510,290

Loss from operations

 

 

(26,336,407)

 

 

826,117

 

 

(25,510,290)

Net loss

 

$

(26,958,247)

 

$

826,117

 

$

(26,132,130)

Basic and diluted loss per common share

 

$

(3.26)

 

 

 

 

$

(3.16)

 

Consolidated Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30, 2019

 

    

As Previously

    

 

 

    

 

 

 

 

Reported

 

Adjustments

 

As Adjusted

Cash flows from operating activities:

 

 

  

 

 

  

 

 

  

Net loss

 

$

(26,958,247)

 

$

826,117

 

$

(26,132,130)

Stock-based compensation

 

 

9,785,083

 

 

(826,117)

 

 

8,958,966

Net cash used in operating activities

 

 

(2,845,488)

 

 

 —

 

 

(2,845,488)

 

Schedule of fair value hierarchy for its warrant liabilities measured at fair value

 

 

Fair Value Measurements

 

 

as of September 30, 2020

 

    

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Liabilities

 

 

  

 

  

 

  

 

 

  

Warrant liabilities

 

$

 —

 

 —

 

950,151

 

$

950,151

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Fair Value Measurements

 

 

as of September 30, 2019

 

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Liabilities

 

 

  

 

  

 

  

 

 

  

Warrant liabilities

 

$

 —

 

 —

 

496,343

 

$

496,343

 

Schedule of assumptions were used in determining the fair value of the warrant liabilities

 

 

 

 

 

 

 

As of September 30, 

 

    

2020

    

2019

Remaining contractual term (years)

 

1.2 - 1.5

 

2.2 - 2.5

Common stock price volatility

 

91.1% - 96.1%

 

76.6%  - 78.4%

Risk-free interest rate

 

0.12% - 0.13%

 

1.6%  - 1.63%

Expected dividend yield

 

 —

 

 —

 

Schedule of change in fair value of the warrant liabilities

 

 

 

 

 

    

Warrant liabilities

Fair value as of September 30, 2018

 

$

 —

Warrants issued in connection with license acquired- CMU

 

 

104,902

Warrants assumed in connection with acquisition of Ohr

 

 

470,093

Extinguishment of warrant liability related to the cashless exercise of warrants

 

 

(429,677)

Extinguishment of warrant liability related to warrants redeemed for cash

 

 

(141,864)

Change in fair value

 

 

492,889

Fair value as of September 30, 2019

 

 

496,343

Change in fair value

 

 

453,808

Fair value as of September 30, 2020

 

$

950,151