IMMATERIAL CORRECTION OF THE JUNE 30, 2015 INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
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Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IMMATERIAL CORRECTIONS TO PRIOR PERIOD FINANCIAL STATEMENTS |
The Company has determined that there had been an immaterial error in its accounting for the Series A Warrants, Series C Warrants, and Series D Warrants contained in its unaudited interim consolidated financial statements for the three and nine months ended June 30, 2015 filed with the Securities Exchange Commission on August 7, 2015. The Company determined that as of June 22, 2015 the Series A Warrants and Series C Warrants should have been presented in stockholders’ equity instead of as a liability. In addition, the Company determined that as of June 30, 2015, the Series D Warrants should have been presented in stockholders’ equity instead of as a liability. The Company assessed the materiality of this error in accordance with Staff Accounting Bulletin No. 99, Materiality, and the Company determined that, qualitatively, the amounts would have no bearing on the decision making process of a reasonable investor. A restatement adjustment has been made as of and for the three and nine months ended June 30, 2015, to correct the error. The following table sets forth the effects of the restatement adjustments discussed above on the consolidated balance sheet as at June 30, 2015.
The following table sets forth the effects of the restatement adjustments discussed above on the consolidated statement of operations for the three and nine months ended June 30, 2015.
The following table sets forth the effects of the restatement adjustments discussed above on the consolidated statement of cash flow for the nine months ended June 30, 2015.
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