Annual report pursuant to Section 13 and 15(d)

ASSET ACQUISITION (Tables)

v3.6.0.2
ASSET ACQUISITION (Tables)
 12 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Schedule of purchase price

The purchase price consisted of: (a) Cash in the amount of $3,500,000; (b) 1,194,862 shares of the Company’s common stock (valued at $10,180,224 based on the trading price on May 30, 2014 of the Company’s common stock) and (c) an additional 1,493,577 shares (the “contingent shares”) that will be issued contingent to achievement of certain milestones.

 

Purchase Price        
Cash at closing   $ 3,500,000  
Stock Issued     10,180,224  
Contingent Consideration Stock     4,877,359  
Total Purchase Price   $ 18,557,583  

 
Summary of the pro forma purchase price allocation

A summary of the pro forma purchase price allocation as of May 30, 2014 is as follows:

 

Purchase Price Allocation        
Lab equipment   $ 86,733  
Computer and software     2,523  
Leasehold improvements     2,181  
Security deposit     12,243  
License rights     17,712,991  
Goodwill     740,912  
Total Purchase Price Allocation   $ 18,557,583  

 
Schedule of pro forma statement of operations

The following pro forma statement of operations presents the results of operations as if the SKS Acquisition had taken place on October 1, 2013 and represents the combined revenues and expenses of the Company had the SKS Acquisition existed for the entire year ended September 30, 2014:

  

Pro Forma Consolidated Statement of Operations
For the Year Ended September 30, 2014
(Unaudited) 
 
REVENUES   $ 1,839,000  
         
OPERATING EXPENSES        
General and administrative     827,345  
Professional fees     2,335,422  
Research and development     5,948,332  
Salaries and wages     2,616,783  
Total Operating Expenses     11,727,882  
         
OPERATING LOSS     (9,888,882 )
         
OTHER INCOME (EXPENSE)        
Interest expense     (62,944 )
Other income   8,478  
Total Other Income (Expense)     (54,466 )
NET LOSS   $ (9,943,348 )