• Filing Date: 2021-04-16
  • Form Type: 10-K/A
  • Description: Annual report (Amendment)
v3.21.1
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Property and equipment estimated useful life

Laboratory equipment

 

3 – 5 years

 

Office equipment

 

5 years

 

Office furniture and fixtures

 

7 years

 

Computer equipment and software

 

3 years

 

Leasehold improvements

 

Shorter of useful life or remaining lease term

 

Anti-dilutive securities
    Year ended December 31,  
    2020     2019  
             
Warrants to purchase common stock     21,859,084       10,519,945  
Options to purchase common stock     451,148       244,206  
Convertible preferred shares outstanding     210       38,606  
Impact of new accounting standard
    As Previously Reported     New Lease Standard Adjustment     As Adjusted  
Operating lease right-of-use asset   $ -     $ 271,710     $ 271,710  
Operating lease liabilities   $ -     $ 271,710     $ 271,710  
Deferred lease liabilities   $ 27,670     $ (27,670 )   $ -  
Fair values of investments by type
    December 31, 2020  
    Amortized Cost     Accrued Interest     Gross Unrealized Gains     Gross Unrealized losses     Estimated Fair Value  
Corporate debt securities   $ 459,210     $ 3,551     $ 128     $ (202 )   $ 462,687  
Total investments   $ 459,210     $ 3,551     $ 128     $ (202 )   $ 462,687  
Scheduled investments maturity
    December 31, 2020     December 31, 2019  
Maturing in one year or less   $ 462,687     $ 493,884  
Maturing after one year through three years     -       -  
Total investments   $ 462,687     $ 493,884  
Fair value measurements
           Fair Value Measurements at Reporting Date Using  
     Balance as of December 31, 2020      Quoted prices in Active Markets for Identical Securities (Level 1)     Significant Other Observable Inputs (Level 2)      Significant Unobservable Inputs (Level 3)  
Current Assets                        
Cash and cash equivalents   $ 6,250,241     $ 6,250,241     $ -     $ -  
Marketable securities   $ 462,687     $ -     $ 462,687     $ -  

 

           Fair Value Measurements at Reporting Date Using  
     Balance as of December 31, 2019      Quoted prices in Active Markets for Identical Securities (Level 1)     Significant Other Observable Inputs (Level 2)      Significant Unobservable Inputs (Level 3)  
Current Assets                        
Cash and cash equivalents   $ 4,905,993     $ 4,905,993     $ -     $ -  
Marketable securities   $ 493,884     $ -     $ 493,884     $ -