Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 10, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Diffusion Pharmaceuticals Inc. | |
Entity Central Index Key | 1,053,691 | |
Trading Symbol | dffn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 14,521,730 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,216,000 | $ 1,552,852 |
Certificate of deposit | 10,020,164 | |
Prepaid expenses, deposits and other current assets | 1,004,361 | 50,844 |
Total current assets | 12,240,525 | 1,603,696 |
Property and equipment, net | 479,647 | 79,755 |
Intangible asset | 8,639,000 | 8,639,000 |
Goodwill | 6,929,258 | 6,929,258 |
Other assets | 38,813 | 232,675 |
Total assets | 28,327,243 | 17,484,384 |
Current liabilities: | ||
Current portion of convertible debt | 550,000 | 1,880,000 |
Accounts payable | 409,423 | 1,684,158 |
Accrued expenses and other current liabilities | 1,415,707 | 874,264 |
Common stock warrant liability | 16,316,054 | |
Total current liabilities | 18,691,184 | 4,438,422 |
Convertible debt, net of current portion | 550,000 | |
Deferred income taxes | 3,279,363 | 3,279,363 |
Other liabilities | 31,915 | |
Total liabilities | 21,970,547 | 8,299,700 |
Commitments and Contingencies | ||
Convertible preferred stock, $0.001 par value: Series A - 13,750,000 shares authorized, 12,376,329 and 8,324,032 shares issued and outstanding, respectively at September 30, 2017; No shares authorized, issued or outstanding at December 31, 2016 (liquidation value of $16,814,360 at September 30, 2017) | 0 | 0 |
Stockholders’ Equity: | ||
Common stock, $0.001 par value: 1,000,000,000 shares authorized; 14,503,976 and 10,345,637 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 14,504 | 10,346 |
Additional paid-in capital | 69,686,744 | 69,363,575 |
Accumulated deficit | (63,344,552) | (60,189,237) |
Total stockholders' equity | 6,356,696 | 9,184,684 |
Total liabilities, convertible preferred stock and stockholders' equity | $ 28,327,243 | $ 17,484,384 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0 |
Preferred stock, shares authorized (in shares) | 13,750,000 | 0 |
Preferred stock, shares issued (in shares) | 12,376,329 | 0 |
Preferred stock, shares outstanding (in shares) | 8,324,032 | 0 |
Preferred stock, liquidation value | $ 16,814,360 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 14,503,976 | 10,345,637 |
Common stock, shares outstanding (in shares) | 14,503,976 | 10,345,637 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 1,759,305 | $ 1,941,743 | $ 3,946,420 | $ 5,739,456 |
General and administrative | 1,559,399 | 3,852,406 | 4,908,424 | 10,070,878 |
Depreciation | 27,374 | 5,822 | 39,767 | 19,520 |
Loss from operations | 3,346,078 | 5,799,971 | 8,894,611 | 15,829,854 |
Other expense (income): | ||||
Interest (income) expense, net | (1,318) | 1,378 | 73,290 | 854 |
Change in fair value of warrant liability (Note 11) | (8,441,616) | (18,909,792) | ||
Warrant related expenses (Note 8) | 10,225,846 | |||
Other financing expenses | 2,870,226 | |||
Income (loss) from operations before income tax benefit | 5,096,856 | (5,801,349) | (3,154,181) | (15,830,708) |
Income tax benefit | (364,796) | (364,796) | ||
Net income (loss) | $ 5,096,856 | $ (5,436,553) | $ (3,154,181) | $ (15,465,912) |
Per share information: | ||||
Net income (loss) per share of common stock, basic (in dollars per share) | $ 0.21 | $ (0.53) | $ (0.35) | $ (1.52) |
Net income (loss) per share of common stock, diluted (in dollars per share) | $ 0.20 | $ (0.53) | $ (1.83) | $ (1.52) |
Weighted average shares outstanding, basic (in shares) | 13,937,869 | 10,333,898 | 11,709,128 | 10,198,491 |
Weighted average shares outstanding, diluted (in shares) | 14,714,853 | 10,333,898 | 12,525,707 | 10,198,491 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Total | |
Balance (in shares) at Dec. 31, 2016 | 10,345,637 | ||||||
Balance at Dec. 31, 2016 | $ 10,346 | $ 69,363,575 | $ (60,189,237) | $ 9,184,684 | |||
Sale of Series A convertible preferred stock and common stock warrants (in shares) | 88,436 | 12,376,329 | |||||
Common stock issued for advisory services (in shares) | 17,606 | ||||||
Common stock issued for advisory services | $ 18 | 49,982 | 50,000 | ||||
Series A cumulative preferred dividend | (912,946) | $ (912,946) | (912,946) | ||||
Reclassification of accrued dividends upon conversion of Series A | $ 88 | 187,084 | $ 200,000 | 187,172 | |||
Conversion of Series A convertible preferred stock to common stock (in shares) | 4,052,297 | (4,052,297) | 88,436 | ||||
Conversion of Series A convertible preferred stock to common stock | $ 4,052 | (4,052) | |||||
Beneficial conversion feature for accrued interest of convertible debt | 28,017 | 28,017 | |||||
Stock-based compensation expense | 973,950 | 973,950 | |||||
Net loss | (3,154,181) | (3,154,181) | |||||
Balance (in shares) at Sep. 30, 2017 | 14,503,976 | 8,324,032 | |||||
Balance at Sep. 30, 2017 | $ 14,504 | 69,686,744 | (63,344,552) | $ 6,356,696 | |||
Cumulative effect of change in accounting principle(a) | [1] | $ 1,134 | $ (1,134) | ||||
[1] | In 2017, the Company adopted provisions of ASU 2016-09, Improvements to Employee Share Based Payment Accounting, resulting in a cumulative effect adjustment to Accumulated Deficit and Additional Paid-in Capital for previously unrecognized stock-based compensation expense. See Note 3 for further discussion of the impacts of this standard. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net loss | $ (3,154,181) | $ (15,465,912) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 39,767 | 19,520 |
Loss on sale or disposal of assets | 6,761 | |
Stock-based compensation expense | 973,950 | 1,121,990 |
Common stock issued for advisory services | 50,000 | 1,409,363 |
Warrant related expense, change in fair value, and other financing expenses | (5,813,720) | |
Abandonment of in-process research and development intangible asset | 951,000 | |
Change in deferred income taxes | (364,796) | |
Settlement of litigation matter | 2,500,000 | |
Non-cash interest expense, net | 11,967 | 7,067 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, deposits and other assets | (661,675) | 50,918 |
Accounts payable, accrued expenses and other liabilities | (1,496,150) | 410,014 |
Net cash used in operating activities | (10,050,042) | (9,354,075) |
Cash flows (used in) provided by investing activities: | ||
Purchases of property and equipment | (438,604) | (2,331) |
Purchase of certificate of deposit | (10,000,000) | |
Cash received in reverse merger transaction | 8,500,602 | |
Net cash (used in) provided by investing activities | (10,438,604) | 8,498,271 |
Cash flows provided by financing activities: | ||
Proceeds from the sale of Series A convertible preferred stock and warrants, net | 22,129,774 | |
Payment of offering costs for Series B | (97,980) | |
Repayment of convertible debt | (1,880,000) | |
Proceeds from the issuance of convertible debt | 1,880,000 | |
Net cash provided by financing activities | 20,151,794 | 1,880,000 |
Net (decrease) increase in cash and cash equivalents | (336,852) | 1,024,196 |
Cash and cash equivalents at beginning of period | 1,552,852 | 1,997,192 |
Cash and cash equivalents at end of period | 1,216,000 | 3,021,388 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 112,800 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Series A cumulative preferred dividends | (912,946) | |
Conversion of accrued dividends related to convertible preferred stock | 187,172 | |
Conversion of convertible notes and related accrued interest into common stock | 711,495 | |
Consideration in connection with RestorGenex Corporation merger transaction | 21,261,000 | |
Series A Preferred Stock [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Series A cumulative preferred dividends | (912,946) | |
Conversion of accrued dividends related to convertible preferred stock | 200,000 | |
Convertible Preferred Stock [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Conversion of accrued dividends related to convertible preferred stock | $ 187,172 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Description of Business Diffusion Pharmaceuticals Inc. (“Diffusion” or the “Company”), a Delaware corporation, is a clinical stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments, including radiation therapy and chemotherapy. The Company is developing its lead product candidate, trans sodium crocetinate (“TSC”) for use in many cancer types in which tumor oxygen deprivation ("hypoxia") is known to diminish the effectiveness of current treatments. TSC is designed to target the cancer ’s hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more susceptible to the therapeutic effects of standard-of-care radiation therapy and chemotherapy. The U.S. Food and Drug Administration (“FDA”) provided Diffusion with final protocol guidance for a Phase 3 2017. On January 8, 2016, ’s consolidated financial statements from the date of acquisition. Accordingly, all comparative period information presented in these unaudited condensed consolidated financial statements from January 1, 2016 January 7, 2016 |
Note 2 - Liquidity
Note 2 - Liquidity | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. Liquidity The Company has not No ’s research and development efforts will be successful. The Company regularly explores alternative means of financing its operations and seeks funding through various sources, including public and private securities offerings, collaborative arrangements with third March 2017, $25.0 one one 12,376,329 $22.1 $2.9 1,179,558 The Company currently does not may third may not On May 26, 2017, ASDAQ not 5550 2 ’s listed securities had been below $35.0 30 ASDAQ not 5550 1 $2.5 5550 3 two three 12 The Company has prepared its financial statements assuming that it will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates, which raises substantial doubt about the Company’s ability to continue as a going concern. Various internal and external factors will affect whether and when the Company’s product candidates become approved drugs and the extent of their market share. The regulatory approval and market acceptance of the Company’s proposed future products (if any), length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the drug approval process will materially affect the Company’s financial condition and future operations. The Company believes its cash and cash equivalents and certificate of deposit at September 30, 2017 June 2018. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Basis of Presentation and Summary of Significant Accounting Policies The Summary of Significant Accounting Policies included in the Company's Form 10 December 31, 2016, March 31, 2017 not Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”), and with the instructions to Form 10 10 X September 30, 2017, three nine September 30, 2017 2016 nine September 30, 2017 2016. nine September 30, 2017 not may December 31, 2017. not December 31, 2016 10 March 31, 2017. Use of Estimates The preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited condensed consolidated financial statements, actual results may Cash and Cash Equivalents and Certificate of Deposit The Company considers any highly liquid investments, such as money market funds, with an original maturity of three three one Fair Value of Financial Instruments The carrying amounts of the Company ’s financial instruments, including cash equivalents, certificate of deposit, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. As of September 30, 2017, $0.5 December 31, 2016, 2016 $2.0 $0.6 2016 three September 30, 2017. 3 Offering Costs Offering costs are either expensed upon completion or abandonment of the related financing or offset against the proceeds of the offering, depending upon the accounting treatment of the offering. Offering costs consist principally of legal costs incurred through the balance sheet date related to the Company ’s private placement financings and are recognized in other assets on the consolidated balance sheet. During the three September 30, 2017, not May 1, 2017, $98,000 Intangible Assets and Goodwill In connection with the Merger, the Company acquired indefinite-lived In-Process Research and Development Assets (“IPR&D”) RES- 529 440, $8.6 $1.0 $6.9 third 2016, 440 $0. 529 October 1 ’s fiscal year or more frequently if impairment indicators exist. The Company has a single reporting unit and all goodwill relates to that reporting unit. There were no 529 three nine September 30, 2017. Net Income (Loss) Per Common Share For the three nine September 30, 2017, two may not no For purposes of calculating diluted loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include stock options, unvested restricted stock awards and warrants using the treasury stock method. The Company considers the potential dilutive impact of its convertible debt instruments using the "if-converted" method. In addition, the Company considers the potential dilutive impact of its convertible preferred shares using the “if-converted” method if more dilutive than the two two three September 30, 2017. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic net income (loss) per common share calculation: Net income (loss) $ 5,096,856 $ (5,436,553 ) $ (3,154,181 ) $ (15,465,912 ) Accretion of Series A cumulative preferred dividends (366,641 ) — (912,946 ) — Undistributed earnings to participating securities (1,838,354 ) — — — Net income (loss) attributable to common stockholders $ 2,891,861 $ (5,436,553 ) $ (4,067,127 ) $ (15,465,912 ) Weighted average shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Net income (loss) per share of common, basic $ 0.21 $ (0.53 ) $ (0.35 ) $ (1.52 ) Diluted net income (loss) per common share calculation: Net income (loss) attributable to common stockholders 2,891,861 (5,436,553 ) (4,067,127 ) (15,465,912 ) Change in fair value of warrant liability — — (18,909,792 ) Interest on convertible debt 28,891 — — — Diluted net loss 2,920,752 (5,436,553 ) (22,976,919 ) (15,465,912 ) Weighted average common shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Common stock equivalents arising from stock options 20,608 — — — Common stock equivalents arising from warrants — — 816,579 — Common stock equivalents arising from convertible debt 756,376 — — — Common stock equivalents 14,714,853 10,333,898 12,525,707 10,198,491 Net income (loss) per share of common stock, diluted $ 0.20 $ (0.53 ) $ (1.83 ) $ (1.52 ) The following potentially dilutive securities outstanding as of September 30, 2017 2016 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Convertible debt — 749,280 213,879 749,280 Common stock warrants 14,003,608 460,721 447,721 460,721 Stock options 2,521,605 2,010,409 2,545,989 2,010,409 Unvested restricted stock awards 4,599 10,738 4,599 10,738 16,529,812 3,231,148 3,212,188 3,231,148 Amounts in the table reflect the common stock equivalents of the noted instruments. Recent Accounting Pronouncements In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 first second December 15, 2018 In May 2017, No. 2017 09, Modification Accounting for Share-Based Payment Arrangements 718. not December 15, 2017 not In March 2016, 2016 09, Compensation – Improvements to Employee Share-Based Payment Accounting December 15, 2016 2017 2016 09, $1,000 January 1, 2017. In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, |
Note 4 - Acquisition
Note 4 - Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisition Reverse Merger with RestorGenex On January 8, 2016, The purchase price was calculated as follows: Fair value of RestorGenex shares outstanding $ 19,546,000 Estimated fair value of RestorGenex stock options outstanding 1,321,000 Estimated fair value of RestorGenex warrants outstanding 384,000 CVRs – RES-440 product candidate 10,000 Total purchase price $ 21,261,000 The Merger transaction has been accounted for using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The valuation technique utilized to value the IPR&D was the cost approach. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date: Cash and cash equivalents $ 8,500,602 Prepaid expenses and other assets 195,200 Property and equipment 57,531 Intangible assets 9,600,000 Goodwill 6,929,258 Accrued liabilities (377,432 ) Deferred tax liability (3,644,159 ) Net assets acquired $ 21,261,000 Qualitative factors supporting the recognition of goodwill due to the Merger transaction include the Company’s anticipated enhanced ability to secure additional capital and gain access to capital market opportunities as a public company and the potential value created by having a more well-rounded clinical development portfolio by adding the earlier stage products acquired in the reverse merger transaction to the Company’s later stage product portfolio. The goodwill is not Pro Forma Financial Information (Unaudited) The following pro forma financial information reflects the condensed consolidated results of operations of the Company as if the acquisition of RestorGenex had taken place on January 1, 2016. not Nine Months Ended September 30, 2016 Net revenues $ — Net loss (13,900,691 ) Basic and diluted loss per share $ (1.36 ) Non-recurring pro forma transaction costs directly attributable to the Merger were $1.6 nine September 30, 2016 nine September 30, 2016 $1.1 46,000 $0.5 January 8, 2016. $3.0 $2.7 nine September 30, 2016. No three nine September 30, 2017 three September 30, 2016. |
Note 5 - Prepaid Expenses, Depo
Note 5 - Prepaid Expenses, Deposits and Other Current Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses, Deposits and Other Current Assets [Text Block] | 5. Prepaid expenses, deposits and other current assets Prepaid expenses, deposits and other current assets consisted of the following: September 30, 2017 December 31, 2016 Prepaid research and development expense $ 844,521 $ 12,725 Prepaid insurance expense 126,733 9,731 Prepaid other 33,107 28,388 Total $ 1,004,361 $ 50,844 |
Note 6 - Other Accrued Expenses
Note 6 - Other Accrued Expenses and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6. Other Accrued Expenses and Liabilities Other accrued expenses and liabilities consisted of the following: September 30, 2017 December 31, 2016 Accrued interest payable $ 36,029 $ 29,359 Accrued Series A dividends 725,774 — Accrued payroll and payroll related expenses 398,859 399,740 Accrued professional fees 114,268 72,855 Accrued clinical studies expenses 88,175 220,978 Other accrued expenses 52,602 151,332 Total $ 1,415,707 $ 874,264 |
Note 7 - Convertible Debt
Note 7 - Convertible Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Convertible Debt The components of debt outstanding at September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 2016 Convertible notes $ — $ 1,880,000 Series B convertible notes 550,000 550,000 550,000 2,430,000 Less current portion (550,000 ) (1,880,000 ) Long-term debt, net of current portion $ — $ 550,000 Upon maturity of the 2016 third 2017, $1.9 $0.1 September 30, 2017, $36,000. |
Note 8 - Convertible Preferred
Note 8 - Convertible Preferred Stock and Common Stock Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Convertible Preferred Stock and Common Stock Warrants In contemplation of completing the private placement described below, the Company amended and restated its articles of incorporation and authorized 13,750,000 ’ equity because the shares contain deemed liquidation rights that are contingent redemption features not Series A Convertible Preferred Stock Transaction In March 2017, $25.0 one ’s Series A convertible preferred stock and a warrant to purchase one 8.0% may, one $2.02 one $2.22, fifth The Company sold 12,376,329 $22.1 $2.9 1,179,558 $2.22 fifth During its evaluation of equity classification for the common stock warrants, the Company considered the conditions as prescribed within ASC 815 40, Derivatives and Hedging, Contracts in an Entity’s own Equity 815 40” 815 40 not no As the fair value of the warrants upon issuance was in excess of the proceeds of the Series A offering, there are no $10.2 nine September 30, 2017. Dividends The Company shall pay a cumulative preferential dividend on each share of the Series A convertible preferred stock outstanding at a rate of 8.0% April 1 October 1 October 1, 2017. not $0.4 $0.9 three nine September 30, 2017. Voting Subject to certain preferred stock class votes specified in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Preferred Stock (the “Certificate of Designation”) or as required by law, the holders of the Series A convertible preferred stock votes together with the holders of common stock as a single class on an adjusted as-converted basis. In accordance with N ASDAQ ASDAQ March 14, 2017 0.84874 March 31, 2017 0.50627 Liquidation Preference The Series A convertible preferred stock is senior to the common stock. In the event of a liquidation, dissolution or winding up of the Company, either voluntary or involuntary, or in the event of a deemed liquidation event, which includes a sale of the Company as defined in the Certificate of Designation, the holders of the Series A convertible preferred stock shall be entitled to receive their original investment amount. If upon the occurrence of such event, the assets and funds available for distribution are insufficient to pay such holders the full amount to which they are entitled, then the entire remaining assets and funds legally available for distribution shall be distributed ratably among the holders of the Series A convertible preferred stock in proportion to the full amounts to which they would otherwise be entitled. Conversion The Series A convertible preferred stock is convertible, at the holder ’s option, into common stock. At the Company’s option, the Series A convertible preferred stock can be converted into common stock upon (a) the thirty $8.00 $10.0 Upon any conversion, any unpaid dividends shall be payable to the holders of Series A convertible preferred stock. During the three nine September 30, 2017, 2,125,306 4,052,297 three nine September 30, 2017, $0.1 $0.2 62,701 88,436 Make-Whole Provision Until March 2020 $10.0 $2.02 105% not Common Stock Warrants As of September 30, 2017, Outstanding Range of exercise price per share Common stock warrants issued prior to Merger 447,721 $20.00 - $750.00 Common stock warrants issued in Series A 13,555,887 $2.22 14,003,608 During the nine September 30, 2017, 13,000 2019. March 2017 March 2022. three nine September 30, 2017, $8.4 $5.8 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation 2015 The Diffusion Pharmaceuticals Inc. 2015 "2015 January 1, 4.0% ’s common stock outstanding as of the immediately preceding December 31, 413,825 January 1, 2017, may 2015 September 30, 2017, 114,291 2015 The Company recorded stock-based compensation expense in the following expense categories of its unaudited interim condensed consolidated statements of operations for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 14,333 $ 174,932 $ 81,737 $ 601,260 General and administrative 278,168 215,425 892,213 520,730 Total stock-based compensation expense $ 292,501 $ 390,357 $ 973,950 $ 1,121,990 The following table summarizes the activity related to all stock option grants to employees and non-employees for the nine September 30, 2017: Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Balance at January 1, 2017 2,207,409 $ 8.09 Granted 340,041 2.49 Expired (1,461 ) 15.00 Outstanding at September 30, 2017 2,545,989 $ 7.34 7.37 Exercisable at September 30, 2017 1,746,809 $ 8.51 6.62 Non-employee Stock Options Non-employee options are remeasured to fair value each period using a Black-Scholes option-pricing model until the options vest. During the nine September 30, 2017, 9,394 three September 30, 2017 2016 $7,000 $0.2 nine September 30, 2017 2016 $83,000 $0.7 September 30, 2017, 18,572 $26,000 1.64 Employee Stock Options During the nine September 30, 2017, 330,647 $2.12 nine September 30, 2017. three September 30, 2017 2016 $0.3 $0.1 nine September 30, 2017 2016, $0.9 $0.4 No September 30, 2017, $2.8 5.33 Options granted were valued using the Black-Scholes model and the weighted average assumptions used to value the options granted during the first nine 2017 Expected term (in years) 6.03 Risk-free interest rate 2.0 % Expected volatility 114.9 % Dividend yield — % Restricted Stock Awards As of September 30, 2017, 4,599 three September 30, 2017 2016, 1,533 1,534 $3,000 $3,000, nine September 30, 2017 2016, 4,599 4,603 $9,000 $9,000, September 30, 2017, $9,000 1.0 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies Office Space Lease Commitment The Company leases office and laboratory facilities in Charlottesville, Virginia. On March 31, 2017, nine September 30, 2017, $0.4 three September 30, 2017 2016 $28,000 $34,000, nine September 30, 2017 2016 $80,000 $115,000, May 1, 2017 April 30, 2022. not September 30, 2017 Rental Commitments 2017 $ 27,746 2018 112,354 2019 114,409 2020 116,464 2021 118,519 Thereafter 58,232 Total $ 547,724 Arrangement with Clinical Research Organization On July 5, 2017, $0.6 three September 30, 2017. September 30, 2017, $1.0 fourth 2017. Legal Proceedings On August 7, 2014, ’s former Chief Executive Officer under the caption Paul Feller v. RestorGenex Corporation, Pro Sports & Entertainment, Inc., ProElite, Inc. and Stratus Media Group, GmbH No. BC553996 December 30, 2014, April 1, 2015, April 14, 2015, January 8, 2016, No may |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two • Level 1—Quoted • Level 2—Observable 1 not • Level 3—Unobservable no The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Accordingly, transfers between levels within the valuation hierarchy occur when there are significant changes to the inputs, such as increases or decreases in market activity, changes to the availability of current prices, changes to the transparency to underlying inputs, and whether there are significant variances in quoted prices. Transfers in and/or out of any level are assumed to occur at the end of the period. The following table presents the Company ’s assets and liabilities that are measured at fair value on a recurring basis: September 30, 2017 (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 1,216,000 $ — $ — Certificate of deposit $ 10,020,164 Liabilities Common stock warrant liability $ — $ — $ 16,316,054 December 31, 2016 (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 1,552,852 $ — $ — The reconciliation of the common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Common Stock Warrant Liability Balance at December 31, 2016 $ — Issued in connection with the Series A convertible preferred stock 35,225,846 Change in fair value (18,909,792 ) Balance at September 30, 2017 $ 16,316,054 The common stock warrants issued in connection with the Series A convertible preferred stock are classified as liabilities on the accompanying balance sheet at September 30, 2017. September 30, 2017 Stock price $ 1.66 Exercise price $ 2.22 Expected term (in years) 4.5 Risk-free interest rate 1.8 % Expected volatility 109.3 % Dividend yield — |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent events On November 1, 2017 March 31, 2017 June 30, 2017, It is therefore the belief of the Company that this fundamental change will allow the Company to regain its N ASDAQ September 30, 2017 $16.3 September 30, 2017 $13.2 November 1, 2017 September 30, 2017 November 1, 2017 $3.2 As of September 30, 2017 Actual Adjustments Pro-forma Total assets $ 28,327,243 $ — $ 28,327,243 Total liabilities 21,970,547 (16,316,054 ) (i) 5,654,493 Convertible preferred stock — — — Stockholders' equity Common stock 14,504 — 14,504 Additional paid-in-capital 69,686,744 13,153,524 (ii) 82,840,268 Accumulated deficit (63,344,552 ) 3,162,530 (iii) (60,182,022 ) Total stockholders' equity 6,356,696 16,316,054 22,672,750 Total liabilities, convertible preferred stock and stockholders' equity $ 28,327,243 $ — $ 28,327,243 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”), and with the instructions to Form 10 10 X September 30, 2017, three nine September 30, 2017 2016 nine September 30, 2017 2016. nine September 30, 2017 not may December 31, 2017. not December 31, 2016 10 March 31, 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited condensed consolidated financial statements, actual results may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Certificate of Deposit The Company considers any highly liquid investments, such as money market funds, with an original maturity of three three one |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of the Company ’s financial instruments, including cash equivalents, certificate of deposit, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. As of September 30, 2017, $0.5 December 31, 2016, 2016 $2.0 $0.6 2016 three September 30, 2017. 3 |
Offering Costs, Policy [Policy Text Block] | Offering Costs Offering costs are either expensed upon completion or abandonment of the related financing or offset against the proceeds of the offering, depending upon the accounting treatment of the offering. Offering costs consist principally of legal costs incurred through the balance sheet date related to the Company ’s private placement financings and are recognized in other assets on the consolidated balance sheet. During the three September 30, 2017, not May 1, 2017, $98,000 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Goodwill In connection with the Merger, the Company acquired indefinite-lived In-Process Research and Development Assets (“IPR&D”) RES- 529 440, $8.6 $1.0 $6.9 third 2016, 440 $0. 529 October 1 ’s fiscal year or more frequently if impairment indicators exist. The Company has a single reporting unit and all goodwill relates to that reporting unit. There were no 529 three nine September 30, 2017. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Common Share For the three nine September 30, 2017, two may not no For purposes of calculating diluted loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include stock options, unvested restricted stock awards and warrants using the treasury stock method. The Company considers the potential dilutive impact of its convertible debt instruments using the "if-converted" method. In addition, the Company considers the potential dilutive impact of its convertible preferred shares using the “if-converted” method if more dilutive than the two two three September 30, 2017. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic net income (loss) per common share calculation: Net income (loss) $ 5,096,856 $ (5,436,553 ) $ (3,154,181 ) $ (15,465,912 ) Accretion of Series A cumulative preferred dividends (366,641 ) — (912,946 ) — Undistributed earnings to participating securities (1,838,354 ) — — — Net income (loss) attributable to common stockholders $ 2,891,861 $ (5,436,553 ) $ (4,067,127 ) $ (15,465,912 ) Weighted average shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Net income (loss) per share of common, basic $ 0.21 $ (0.53 ) $ (0.35 ) $ (1.52 ) Diluted net income (loss) per common share calculation: Net income (loss) attributable to common stockholders 2,891,861 (5,436,553 ) (4,067,127 ) (15,465,912 ) Change in fair value of warrant liability — — (18,909,792 ) Interest on convertible debt 28,891 — — — Diluted net loss 2,920,752 (5,436,553 ) (22,976,919 ) (15,465,912 ) Weighted average common shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Common stock equivalents arising from stock options 20,608 — — — Common stock equivalents arising from warrants — — 816,579 — Common stock equivalents arising from convertible debt 756,376 — — — Common stock equivalents 14,714,853 10,333,898 12,525,707 10,198,491 Net income (loss) per share of common stock, diluted $ 0.20 $ (0.53 ) $ (1.83 ) $ (1.52 ) The following potentially dilutive securities outstanding as of September 30, 2017 2016 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Convertible debt — 749,280 213,879 749,280 Common stock warrants 14,003,608 460,721 447,721 460,721 Stock options 2,521,605 2,010,409 2,545,989 2,010,409 Unvested restricted stock awards 4,599 10,738 4,599 10,738 16,529,812 3,231,148 3,212,188 3,231,148 Amounts in the table reflect the common stock equivalents of the noted instruments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 first second December 15, 2018 In May 2017, No. 2017 09, Modification Accounting for Share-Based Payment Arrangements 718. not December 15, 2017 not In March 2016, 2016 09, Compensation – Improvements to Employee Share-Based Payment Accounting December 15, 2016 2017 2016 09, $1,000 January 1, 2017. In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, |
Note 3 - Basis of Presentatio20
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic net income (loss) per common share calculation: Net income (loss) $ 5,096,856 $ (5,436,553 ) $ (3,154,181 ) $ (15,465,912 ) Accretion of Series A cumulative preferred dividends (366,641 ) — (912,946 ) — Undistributed earnings to participating securities (1,838,354 ) — — — Net income (loss) attributable to common stockholders $ 2,891,861 $ (5,436,553 ) $ (4,067,127 ) $ (15,465,912 ) Weighted average shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Net income (loss) per share of common, basic $ 0.21 $ (0.53 ) $ (0.35 ) $ (1.52 ) Diluted net income (loss) per common share calculation: Net income (loss) attributable to common stockholders 2,891,861 (5,436,553 ) (4,067,127 ) (15,465,912 ) Change in fair value of warrant liability — — (18,909,792 ) Interest on convertible debt 28,891 — — — Diluted net loss 2,920,752 (5,436,553 ) (22,976,919 ) (15,465,912 ) Weighted average common shares outstanding, basic 13,937,869 10,333,898 11,709,128 10,198,491 Common stock equivalents arising from stock options 20,608 — — — Common stock equivalents arising from warrants — — 816,579 — Common stock equivalents arising from convertible debt 756,376 — — — Common stock equivalents 14,714,853 10,333,898 12,525,707 10,198,491 Net income (loss) per share of common stock, diluted $ 0.20 $ (0.53 ) $ (1.83 ) $ (1.52 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Convertible debt — 749,280 213,879 749,280 Common stock warrants 14,003,608 460,721 447,721 460,721 Stock options 2,521,605 2,010,409 2,545,989 2,010,409 Unvested restricted stock awards 4,599 10,738 4,599 10,738 16,529,812 3,231,148 3,212,188 3,231,148 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Business Combination, Preliminary Purchase Price Consideration [Table Text Block] | Fair value of RestorGenex shares outstanding $ 19,546,000 Estimated fair value of RestorGenex stock options outstanding 1,321,000 Estimated fair value of RestorGenex warrants outstanding 384,000 CVRs – RES-440 product candidate 10,000 Total purchase price $ 21,261,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 8,500,602 Prepaid expenses and other assets 195,200 Property and equipment 57,531 Intangible assets 9,600,000 Goodwill 6,929,258 Accrued liabilities (377,432 ) Deferred tax liability (3,644,159 ) Net assets acquired $ 21,261,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2016 Net revenues $ — Net loss (13,900,691 ) Basic and diluted loss per share $ (1.36 ) |
Note 5 - Prepaid Expenses, De22
Note 5 - Prepaid Expenses, Deposits and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | September 30, 2017 December 31, 2016 Prepaid research and development expense $ 844,521 $ 12,725 Prepaid insurance expense 126,733 9,731 Prepaid other 33,107 28,388 Total $ 1,004,361 $ 50,844 |
Note 6 - Other Accrued Expens23
Note 6 - Other Accrued Expenses and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | September 30, 2017 December 31, 2016 Accrued interest payable $ 36,029 $ 29,359 Accrued Series A dividends 725,774 — Accrued payroll and payroll related expenses 398,859 399,740 Accrued professional fees 114,268 72,855 Accrued clinical studies expenses 88,175 220,978 Other accrued expenses 52,602 151,332 Total $ 1,415,707 $ 874,264 |
Note 7 - Convertible Debt (Tabl
Note 7 - Convertible Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Convertible Debt [Table Text Block] | September 30, 2017 December 31, 2016 2016 Convertible notes $ — $ 1,880,000 Series B convertible notes 550,000 550,000 550,000 2,430,000 Less current portion (550,000 ) (1,880,000 ) Long-term debt, net of current portion $ — $ 550,000 |
Note 8 - Convertible Preferre25
Note 8 - Convertible Preferred Stock and Common Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Warrants Outstanding to Acquire Shares of Common Stock [Table Text Block] | Outstanding Range of exercise price per share Common stock warrants issued prior to Merger 447,721 $20.00 - $750.00 Common stock warrants issued in Series A 13,555,887 $2.22 14,003,608 |
Note 9 - Stock-based Compensa26
Note 9 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 14,333 $ 174,932 $ 81,737 $ 601,260 General and administrative 278,168 215,425 892,213 520,730 Total stock-based compensation expense $ 292,501 $ 390,357 $ 973,950 $ 1,121,990 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted average exercise price per share Weighted average remaining contractual life (in years) Balance at January 1, 2017 2,207,409 $ 8.09 Granted 340,041 2.49 Expired (1,461 ) 15.00 Outstanding at September 30, 2017 2,545,989 $ 7.34 7.37 Exercisable at September 30, 2017 1,746,809 $ 8.51 6.62 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected term (in years) 6.03 Risk-free interest rate 2.0 % Expected volatility 114.9 % Dividend yield — % |
Note 10 - Commitments and Con27
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Rental Commitments 2017 $ 27,746 2018 112,354 2019 114,409 2020 116,464 2021 118,519 Thereafter 58,232 Total $ 547,724 |
Note 11 - Fair Value Measurem28
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2017 (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 1,216,000 $ — $ — Certificate of deposit $ 10,020,164 Liabilities Common stock warrant liability $ — $ — $ 16,316,054 December 31, 2016 (Level 1) (Level 2) (Level 3) Assets Cash and cash equivalents $ 1,552,852 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Common Stock Warrant Liability Balance at December 31, 2016 $ — Issued in connection with the Series A convertible preferred stock 35,225,846 Change in fair value (18,909,792 ) Balance at September 30, 2017 $ 16,316,054 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Stock price $ 1.66 Exercise price $ 2.22 Expected term (in years) 4.5 Risk-free interest rate 1.8 % Expected volatility 109.3 % Dividend yield — |
Note 12 - Subsequent Events (Ta
Note 12 - Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Balance Sheet Effects of Reclassification of Warrants from Liabilities to Stockholders' Equity [Table Text Block] | As of September 30, 2017 Actual Adjustments Pro-forma Total assets $ 28,327,243 $ — $ 28,327,243 Total liabilities 21,970,547 (16,316,054 ) (i) 5,654,493 Convertible preferred stock — — — Stockholders' equity Common stock 14,504 — 14,504 Additional paid-in-capital 69,686,744 13,153,524 (ii) 82,840,268 Accumulated deficit (63,344,552 ) 3,162,530 (iii) (60,182,022 ) Total stockholders' equity 6,356,696 16,316,054 22,672,750 Total liabilities, convertible preferred stock and stockholders' equity $ 28,327,243 $ — $ 28,327,243 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) | Mar. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 07, 2018 |
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | $ 22,129,774 | ||||
Series A Preferred Stock [Member] | |||||
Proceeds from Issuance of Private Placement | $ 0 | ||||
Series A Preferred Stock [Member] | Private Placement [Member] | |||||
Proceeds from Issuance of Private Placement | $ 25,000,000 | ||||
Number of Convertible Preferred Stock Per Unit | 1 | 1 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | 1 | |||
Temporary Equity, Stock Issued During Period, New Issues | 12,376,329 | ||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | $ 22,100,000 | ||||
Payments of Stock Issuance Costs | $ 2,900,000 | $ 2,900,000 | |||
Class of Warrant or Right, Granted During Period | 1,179,558 |
Note 3 - Basis of Presentatio31
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jan. 08, 2016 | |
Previously Capitalized Offering Costs Expensed During the Period | $ 98,000 | |||||
Goodwill | 6,929,258 | $ 6,929,258 | $ 6,929,258 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 8,639,000 | 8,639,000 | 8,639,000 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | ||||
Accounting Standards Update 2016-09 [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,000 | |||||
Diffusion LLC [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9,600,000 | |||||
Goodwill | 6,929,258 | |||||
RES-529 [Member] | Diffusion LLC [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,600,000 | |||||
RES-440 [Member] | ||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 0 | |||||
RES-440 [Member] | Diffusion LLC [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,000,000 | |||||
Fair Value, Inputs, Level 3 [Member] | Convertible Note, Series B [Member] | ||||||
Convertible Debt, Fair Value Disclosures | $ 500,000 | $ 500,000 | 600,000 | |||
Fair Value, Inputs, Level 3 [Member] | The 2016 Convertible Notes [Member] | ||||||
Convertible Debt, Fair Value Disclosures | $ 2,000,000 |
Note 3 - Basis of Presentatio32
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic net income (loss) per common share calculation: | ||||
Net income (loss) | $ 5,096,856 | $ (5,436,553) | $ (3,154,181) | $ (15,465,912) |
Accretion of Series A cumulative preferred dividends | (366,641) | (912,946) | ||
Undistributed earnings to participating securities | (1,838,354) | |||
Net income (loss) attributable to common stockholders | $ 2,891,861 | $ (5,436,553) | $ (4,067,127) | $ (15,465,912) |
Weighted average shares outstanding, basic (in shares) | 13,937,869 | 10,333,898 | 11,709,128 | 10,198,491 |
Net income (loss) per share of common stock, basic (in dollars per share) | $ 0.21 | $ (0.53) | $ (0.35) | $ (1.52) |
Diluted net income (loss) per common share calculation: | ||||
Net income (loss) attributable to common stockholders | $ 2,891,861 | $ (5,436,553) | $ (4,067,127) | $ (15,465,912) |
Change in fair value of warrant liability | (18,909,792) | |||
Interest on convertible debt | 28,891 | |||
Diluted net loss | $ 2,920,752 | $ (5,436,553) | $ (22,976,919) | $ (15,465,912) |
Weighted average shares outstanding, basic (in shares) | 13,937,869 | 10,333,898 | 11,709,128 | 10,198,491 |
Common stock equivalents arising from stock options (in shares) | 20,608 | |||
Common stock equivalents arising from warrants (in shares) | 816,579 | |||
Common stock equivalents arising from convertible debt (in shares) | 756,376 | |||
Common stock equivalents (in shares) | 14,714,853 | 10,333,898 | 12,525,707 | 10,198,491 |
Net income (loss) per share of common stock, diluted (in dollars per share) | $ 0.20 | $ (0.53) | $ (1.83) | $ (1.52) |
Note 3 - Basis of Presentatio33
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Anti-dilutive securities (in shares) | 16,529,812 | 3,231,148 | 3,212,188 | 3,231,148 |
Convertible Debt Securities [Member] | ||||
Anti-dilutive securities (in shares) | 749,280 | 213,879 | 749,280 | |
Warrant [Member] | ||||
Anti-dilutive securities (in shares) | 14,003,608 | 460,721 | 447,721 | 460,721 |
Employee Stock Option [Member] | ||||
Anti-dilutive securities (in shares) | 2,521,605 | 2,010,409 | 2,545,989 | 2,010,409 |
Restricted Stock [Member] | ||||
Anti-dilutive securities (in shares) | 4,599 | 10,738 | 4,599 | 10,738 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) | Jan. 08, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Stock Issued During Period, Value, Issued for Services | $ 50,000 | ||||
Share-based Compensation | 973,950 | $ 1,121,990 | |||
Executive Officers [Member] | |||||
Severance Costs | $ 3,000,000 | $ 0 | $ 0 | 0 | |
Diffusion LLC [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation | $ 2,700,000 | $ 0 | $ 0 | $ 0 | |
Diffusion LLC [Member] | Financial Adviser [Member] | |||||
Stock Issued During Period, Shares, Issued for Services | 46,000 | ||||
Stock Issued During Period, Value, Issued for Services | $ 500,000 | ||||
Diffusion LLC [Member] | Success Fee Agreement Costs [Member] | |||||
Payments for Other Fees | $ 1,100,000 | ||||
Diffusion LLC [Member] | Acquisition-related Costs [Member] | |||||
Business Combination, Acquisition Related Costs | $ 1,600,000 |
Note 4 - Acquisition - Purchase
Note 4 - Acquisition - Purchase Price Consideration (Details) - RestorGenex [Member] - Diffusion LLC [Member] | Jan. 08, 2016USD ($) |
Fair value of RestorGenex shares outstanding | $ 19,546,000 |
Estimated fair value of RestorGenex stock options outstanding | 1,321,000 |
Estimated fair value of RestorGenex warrants outstanding | 384,000 |
CVRs – RES-440 product candidate | 10,000 |
Total purchase price | $ 21,261,000 |
Note 4 - Acquisition - Assets A
Note 4 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Jan. 08, 2016 |
Goodwill | $ 6,929,258 | $ 6,929,258 | |
Diffusion LLC [Member] | |||
Cash and cash equivalents | $ 8,500,602 | ||
Prepaid expenses and other assets | 195,200 | ||
Property and equipment | 57,531 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,600,000 | ||
Goodwill | 6,929,258 | ||
Accrued liabilities | (377,432) | ||
Deferred tax liability | (3,644,159) | ||
Net assets acquired | $ 21,261,000 |
Note 4 - Acquisition - Pro Form
Note 4 - Acquisition - Pro Forma Financial Information (Details) - Diffusion LLC [Member] | 9 Months Ended |
Sep. 30, 2016USD ($)$ / shares | |
Net revenues | |
Net loss | $ (13,900,691) |
Basic and diluted loss per share (in dollars per share) | $ / shares | $ (1.36) |
Note 5 - Prepaid Expenses, De38
Note 5 - Prepaid Expenses, Deposits and Other Current Assets - Summary of Prepaid Expenses, Deposits and Other Current Assets (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Prepaid research and development expense | $ 844,521 | $ 12,725 |
Prepaid insurance expense | 126,733 | 9,731 |
Prepaid other | 33,107 | 28,388 |
Total | $ 1,004,361 | $ 50,844 |
Note 6 - Other Accrued Expens39
Note 6 - Other Accrued Expenses and Liabilities - Summary of Accrued Expenses (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued interest payable | $ 36,029 | $ 29,359 |
Accrued Series A dividends | 725,774 | |
Accrued payroll and payroll related expenses | 398,859 | 399,740 |
Accrued professional fees | 114,268 | 72,855 |
Accrued clinical studies expenses | 88,175 | 220,978 |
Other accrued expenses | 52,602 | 151,332 |
Total | $ 1,415,707 | $ 874,264 |
Note 7 - Convertible Debt (Deta
Note 7 - Convertible Debt (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Repayments of Convertible Debt | $ 1,880,000 | ||
Interest Paid, Net | 112,800 | ||
Interest Payable | $ 36,000 | $ 36,000 | |
The 2016 Convertible Notes [Member] | |||
Repayments of Convertible Debt | 1,900,000 | ||
Interest Paid, Net | $ 100,000 |
Note 7 - Convertible Debt - Out
Note 7 - Convertible Debt - Outstanding Convertible Notes (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Total principal amount | $ 550,000 | $ 2,430,000 |
Less current portion | (550,000) | (1,880,000) |
Long-term debt, net of current portion | 550,000 | |
The 2016 Convertible Notes [Member] | ||
Total principal amount | 1,880,000 | |
Convertible Note, Series B [Member] | ||
Total principal amount | $ 550,000 | $ 550,000 |
Note 8 - Convertible Preferre42
Note 8 - Convertible Preferred Stock and Common Stock Warrants (Details Textual) | Mar. 31, 2017$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / itemshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / shares$ / itemshares | Sep. 30, 2016USD ($) | Jan. 07, 2018USD ($) | Mar. 14, 2017$ / item |
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | $ 22,129,774 | |||||||
Warrant Expense | 10,225,846 | |||||||
Dividends | 912,946 | |||||||
Stock Reclassified Upon Conversion of Preferred Stock | $ 187,172 | |||||||
Make-Whole Provision Conversion Price, Percentage | 105.00% | |||||||
Fair Value Adjustment of Warrants | $ (8,441,616) | $ (18,909,792) | ||||||
Maximum [Member] | ||||||||
Convertible Preferred Stock, Conversion Price | shares | 2.02 | 2.02 | ||||||
Minimum [Member] | ||||||||
Financing Trigger from Issuance of Common Stock | $ 10,000,000 | $ 10,000,000 | ||||||
Convertible Preferred Stock, Make-Whole Provision, Proceeds from Issue of Common Stock | 10,000,000 | |||||||
Warrant [Member] | ||||||||
Warrant Expense | $ 5,800,000 | $ 5,800,000 | ||||||
Class of Warrant or Rights, Expired | shares | 13,000 | |||||||
Private Placement [Member] | ||||||||
Convertible Preferred Stock, Votes Per Share | $ / item | 0.50627 | 0.50627 | 0.84874 | |||||
Private Placement [Member] | Warrant [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.22 | $ 2.22 | ||||||
Class of Warrant or Right, Term | 5 years | |||||||
Warrant Expense | $ 10,200,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized | shares | 13,750,000 | 13,750,000 | ||||||
Proceeds from Issuance of Private Placement | $ 0 | |||||||
Dividends | $ 912,946 | |||||||
Conversion of Stock, Shares Converted | shares | 2,125,306 | 4,052,297 | ||||||
Stock Reclassified Upon Conversion of Preferred Stock | $ 100,000 | $ 200,000 | ||||||
Stock Reclassified Upon Conversion of Preferred Stock, Shares | shares | 62,701 | 88,436 | ||||||
Fair Value Adjustment of Warrants | $ 8,400,000 | $ 8,400,000 | ||||||
Series A Preferred Stock [Member] | Maximum [Member] | ||||||||
Convertible Preferred Stock, Make-Whole Provision, Minimum Share Price | $ / shares | $ 8 | |||||||
Series A Preferred Stock [Member] | Private Placement [Member] | ||||||||
Proceeds from Issuance of Private Placement | $ 25,000,000 | |||||||
Number of Convertible Preferred Stock Per Unit | shares | 1 | 1 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | 1 | ||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||
Number of Common Stock Per Unit | shares | 1 | |||||||
Convertible Preferred Stock, Conversion Price | shares | 2.02 | 2.02 | ||||||
Temporary Equity, Stock Issued During Period, New Issues | shares | 12,376,329 | |||||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Offering Costs | $ 22,100,000 | |||||||
Payments of Stock Issuance Costs | $ 2,900,000 | $ 2,900,000 | ||||||
Class of Warrant or Right, Granted During Period | shares | 1,179,558 | |||||||
Dividends | $ 400,000 | $ 900,000 | ||||||
Series B Preferred Stock [Member] | Private Placement [Member] | Placement Agent [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.22 | $ 2.22 | ||||||
Class of Warrant or Right, Term | 5 years | |||||||
Class of Warrant or Right, Granted During Period | shares | 1,179,558 |
Note 8 - Convertible Preferre43
Note 8 - Convertible Preferred Stock and Common Stock Warrants - Warrants Outstanding to Acquire Shares of its Common Stock (Details) | Sep. 30, 2017$ / sharesshares |
Common stock warrants, outstanding (in shares) | shares | 14,003,608 |
Convertible Preferred Stock Issued Prior to Merger [Member] | |
Common stock warrants, outstanding (in shares) | shares | 447,721 |
Convertible Preferred Stock Issued Prior to Merger [Member] | Minimum [Member] | |
Range of exercise price (in dollars per share) | $ / shares | $ 20 |
Convertible Preferred Stock Issued Prior to Merger [Member] | Maximum [Member] | |
Range of exercise price (in dollars per share) | $ / shares | $ 750 |
Series A Convertible Preferred Stock [Member] | |
Common stock warrants, outstanding (in shares) | shares | 13,555,887 |
Range of exercise price (in dollars per share) | $ / shares | $ 2.22 |
Note 9 - Stock-based Compensa44
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | Jan. 01, 2017 | Jul. 21, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 340,041 | |||||
Allocated Share-based Compensation Expense | $ 292,501 | $ 390,357 | $ 973,950 | $ 1,121,990 | ||
Non-employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,394 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 7,000 | 200,000 | $ 83,000 | 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 18,572 | 18,572 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 26,000 | $ 26,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 233 days | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 330,647 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 2,800,000 | $ 2,800,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years 120 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.12 | |||||
Allocated Share-based Compensation Expense | $ 300,000 | $ 100,000 | $ 900,000 | $ 400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | 0 | ||
Restricted Stock [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||
Allocated Share-based Compensation Expense | $ 3,000 | $ 3,000 | $ 9,000 | $ 9,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,599 | 4,599 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,533 | 1,534 | 4,599 | 4,603 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 9,000 | $ 9,000 | ||||
Restorgenex Corporation 2015 Equity Incentive Plan [Member] | ||||||
Percentage of Total Shares Eligible for Plan Reserve, On an Annual Basis | 4.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 413,825 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 114,291 | 114,291 |
Note 9 - Stock-based Compensa45
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense | $ 292,501 | $ 390,357 | $ 973,950 | $ 1,121,990 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 14,333 | 174,932 | 81,737 | 601,260 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 278,168 | $ 215,425 | $ 892,213 | $ 520,730 |
Note 9 - Stock-based Compensa46
Note 9 - Stock-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Balance (in shares) | shares | 2,207,409 |
Balance (in dollars per share) | $ / shares | $ 8.09 |
Granted (in shares) | shares | 340,041 |
Granted (in dollars per share) | $ / shares | $ 2.49 |
Expired (in shares) | shares | (1,461) |
Expired (in dollars per share) | $ / shares | $ 15 |
Options outstanding (in shares) | shares | 2,545,989 |
Options outstanding, weighted-average per share exercise price (in dollars per share) | $ / shares | $ 7.34 |
Options outstanding, weighted-average remaining contractual life (Year) | 7 years 135 days |
Exercisable (in shares) | shares | 1,746,809 |
Exercisable (in dollars per share) | $ / shares | $ 8.51 |
Exercisable (Year) | 6 years 226 days |
Note 9 - Stock-based Compensa47
Note 9 - Stock-based Compensation - Fair Value Assumptions (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Expected term (Year) | 6 years 10 days |
Risk-free interest rate | 2.00% |
Expected volatility | 114.90% |
Dividend yield |
Note 10 - Commitments and Con48
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Research and Development Expense | $ 1,759,305 | $ 1,941,743 | $ 3,946,420 | $ 5,739,456 | |
Prepaid Research and Development Expense | 844,521 | 844,521 | $ 12,725 | ||
Arrangement With Clinical Research Organization [Member] | |||||
Research and Development Expense | 600,000 | ||||
Prepaid Research and Development Expense | 1,000,000 | 1,000,000 | |||
Charlottesville, Virginia [Member] | Leasehold Improvements [Member] | |||||
Property, Plant and Equipment, Additions | 400,000 | ||||
Charlottesville, Virginia [Member] | Building [Member] | |||||
Operating Leases, Rent Expense, Net | $ 28,000 | $ 34,000 | $ 80,000 | $ 115,000 |
Note 10 - Commitments and Con49
Note 10 - Commitments and Contingencies - Total Future Operating Lease Obligations (Details) | Sep. 30, 2017USD ($) |
2,017 | $ 27,746 |
2,018 | 112,354 |
2,019 | 114,409 |
2,020 | 116,464 |
2,021 | 118,519 |
Thereafter | 58,232 |
Total | $ 547,724 |
Note 11 - Fair Value Measurem50
Note 11 - Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Common stock warrant liability | $ 16,316,054 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Cash and cash equivalents | 1,216,000 | $ 1,552,852 |
Certificate of deposit | 10,020,164 | |
Common stock warrant liability | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Certificate of deposit | ||
Common stock warrant liability | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Certificate of deposit | ||
Common stock warrant liability | $ 16,316,054 |
Note 11 - Fair Value Measurem51
Note 11 - Fair Value Measurements - Reconciliation of Common Stock Warrant Liability (Details) - Contingent Consideration [Member] | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Balance | |
Issued in connection with the Series A convertible preferred stock | 35,225,846 |
Change in fair value | (18,909,792) |
Balance | $ 16,316,054 |
Note 11 - Fair Value Measurem52
Note 11 - Fair Value Measurements - Black -Scholes Model and Assumptions (Details) | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Stock price (in dollars per share) | $ 1.66 |
Exercise price (in dollars per share) | $ 2.22 |
Expected term (Year) | 4 years 182 days |
Risk-free interest rate | 1.80% |
Expected volatility | 109.30% |
Dividend yield (in dollars per share) |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Warrants Attached to Series A Convertible Preferred Stock [Member] $ in Millions | Nov. 01, 2017USD ($) |
Amount of Warrant Liability Removed from Total Liabilities | $ 16.3 |
Fair Value of Warrants Reclassified to Additional Paid in Capital During the Period | 13.2 |
Adjustment of Accumulated Deficit Balance for the Change in Fair Value of Warrants | $ 3.2 |
Note 12 - Subsequent Events - B
Note 12 - Subsequent Events - Balance Sheet Effects of Warrants Reclassified from Liabilities to Stockholders' Equity (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Total assets | $ 28,327,243 | $ 17,484,384 |
Total liabilities | 21,970,547 | 8,299,700 |
Convertible preferred stock, $0.001 par value: Series A - 13,750,000 shares authorized, 12,376,329 and 8,324,032 shares issued and outstanding, respectively at September 30, 2017; No shares authorized, issued or outstanding at December 31, 2016 (liquidation value of $16,814,360 at September 30, 2017) | 0 | 0 |
Stockholders' equity | ||
Common stock | 14,504 | 10,346 |
Additional paid-in capital | 69,686,744 | 69,363,575 |
Accumulated deficit | (63,344,552) | (60,189,237) |
Total stockholders' equity | 6,356,696 | 9,184,684 |
Total liabilities, convertible preferred stock and stockholders' equity | 28,327,243 | $ 17,484,384 |
Adjustments for Pro Forma [Member] | ||
Total assets | ||
Total liabilities | (16,316,054) | |
Convertible preferred stock, $0.001 par value: Series A - 13,750,000 shares authorized, 12,376,329 and 8,324,032 shares issued and outstanding, respectively at September 30, 2017; No shares authorized, issued or outstanding at December 31, 2016 (liquidation value of $16,814,360 at September 30, 2017) | ||
Stockholders' equity | ||
Common stock | ||
Additional paid-in capital | 13,153,524 | |
Accumulated deficit | 3,162,530 | |
Total stockholders' equity | 16,316,054 | |
Total liabilities, convertible preferred stock and stockholders' equity | ||
Pro Forma [Member] | ||
Total assets | 28,327,243 | |
Total liabilities | 5,654,493 | |
Convertible preferred stock, $0.001 par value: Series A - 13,750,000 shares authorized, 12,376,329 and 8,324,032 shares issued and outstanding, respectively at September 30, 2017; No shares authorized, issued or outstanding at December 31, 2016 (liquidation value of $16,814,360 at September 30, 2017) | ||
Stockholders' equity | ||
Common stock | 14,504 | |
Additional paid-in capital | 82,840,268 | |
Accumulated deficit | (60,182,022) | |
Total stockholders' equity | 22,672,750 | |
Total liabilities, convertible preferred stock and stockholders' equity | $ 28,327,243 |